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2010 (12) TMI 750 - HC - Income TaxSet off of loss suffered on sale and purchase of shares - Since entire transactions undertaken by the assessee were of speculative nature, the loss suffered by the assessee was a loss in respect of speculative business carried on by the assessee - No doubt that an appellate authority can allow a question to be raised for the first time even if such a question was not raised at a lower forum but the discretion to do so has to be exercised in the interest of justice in the facts and circumstances and not mechanically - If such question is raised at the earliest opportunity, the other side can lead evidence which it may not be able to do if such a question is raised for the first time before the appellate authority Regarding income of the assessee mainly being under the head of income from property - The bar against set off of losses in speculative transactions against income from other services applied only to assessees covered by Explanation to section 73 - Business loss cannot be set off against income from other heads unless specifically provided - As already discussed, even business loss in speculative transactions cannot be set off against other business income or income from other sources, except as may be expressly provided Rent admittedly was payable to the assessee and brokerage was an independent transaction envisaging payment to the broker - Wherever deductions out of income from property are permissible, the same have been specified in section 24 - the appeal is dismissed
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