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2012 (6) TMI 715 - HC - Income TaxSet off of loss incurred on purchase and sale of shares as Ordinary Business Loss or Speculation Loss - assessee contended non-application of Explanation to Section 73 on ground that only income which is included in gross total income is dividend income, i.e. "Income from other sources" - Held that:- Section 73 would not apply in view of the fact that the explanation thereto, does not operate in respect of a company whose gross total income consists mainly of income which is chargeable under the heads of "interest on securities", "income from housing property", "capital gains" and "income from other sources". In present case, in the relevant year, the income from other sources was the only chargeable income, as the respondent had suffered a business loss otherwise, hence, assessee fell within the purview of the exception carved out in the explanation to Section 73 and that consequently the assessee would not be deemed to be carrying on a speculation business for the purpose of Sec. 73(1) - Decided in favor of assessee.
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