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2012 (7) TMI 666 - HC - Income TaxEntitlement to set off the brought forward business loss against the rental income, car and computer hire charges and the commission income - question on proper interpretation of Section 72(1) - assessee submitted that according to MOA it is in the carrying of business of leasing, selling and renting of real estate properties - Held that:- With regard to the hiring of car and computers the CIT(A) has found that they were hired out as they remained idle and assessee thought it prudent to exploit them by letting out temporarily to others. The commission income received by the assessee from Tulika is for obtaining or procuring business for the latter which undoubtedly is a business activity though it may be a single instance only. As decided in CIT v. R. Dalmia (1973 (5) TMI 23 - DELHI HIGH COURT ) that the brought forward business loss was sought to be set off against the dividend income earned by the assessee in the subsequent year as since the dividend income was derived from the shares held as stock-in-trade, the brought forward losses could be set off against the same notwithstanding that the Act required that the dividend income should be assessed under the head “income from other sources" - in favour of the assessee
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