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1965 (4) TMI 11 - SC - Income Tax
Whether, on the facts and In the circumstances of the case, the assessee was entitled to set off the business loss of ₹ 55,912 brought forward from the preceding year against the entire income including interest on securities held by the assessee ?
Held that:- Under section 24(2) of the Indian Income-tax Act, 1922 the income from the securities which formed part of the assessee's trading assets was part of its income in the business and, therefore, the loss incurred in the business in the earlier year could be set off against that income also in the succeeding years.
Thus the High Court was right in answering the question referred to it in the affirmative. Appeal dismissed.