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2014 (1) TMI 1410 - HC - Income TaxSet-off of losses in share trading - Held that:- In computing the gross total income the normal provisions of the Act must be applied - Thenafter it has to be determined as to whether the gross total income so computed consists mainly of income which is chargeable under the heads referred to in the Explanation - The gross total income of the assessee was required to be computed, inter alia, by computing the income under the head of profits and gains of business or profession as well - The income both from service charges and the loss in share trading, would have to be taken into account in computing the income under that head, both being sources under the same head - The assessee had a dividend income of Rs.4.7 lakhs (income from other sources) - The Tribunal was justified, in coming to the conclusion that the assessee fell within the purview of the exception carved out in the Explanation to section 73 - The assessee would not be deemed to be carrying on a speculation business for the purpose of section 73(1) - Decided against Revenue.
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