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2018 (5) TMI 1779 - HC - Income TaxSet of losses - Held that:- Principal income of the respondent assessee is from speculation business and, as such, certain losses could not be set off otherwise than against gains from the same business. It was found, as a matter of fact, that more than 50 per cent of the business of the assessee was not on account of speculation. No legal issue arises in such circumstances. Expenditure incurred on account of income which is exempted from tax is not eligible for deduction. Again, on the factual basis, the Appellate Tribunal found that the expenditure claimed as a deduction was not for the purpose of any income which was exempted from tax. Share application money - AO found that several of the applicants for issuance of further shares in the assessee shared the same 12, Waterloo Street address as the assessee and that one individual had accepted notices under Section 133(6) of the Act, though different rubber stamps were used along with the signature. The Tribunal was satisfied that the identities of the applicants for shares in the assessee had been established. No legal question arises as a result of such finding. No question of law.
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