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2017 (10) TMI 731 - HC - Income TaxNon-speculative business loss of current year and carry forward non-speculative business loss of earlier years - whether can be set off from the income of speculative business of the current years? - ITAT held that non-speculative business loss of current year and carry forward non-speculative business loss of earlier years can be set off from the income of speculative business of the current years - Held that:- There was differentiation in approach towards profits and loss of the speculation business, in as much as, while its profits were taken into account for computation of overall income or loss, its losses were to be examined for the said purpose. The Tribunal while come to the said conclusion, has considered the judgment of the Hon'ble Supreme Court laid down in the case of CIT vs. Jagannath Mahadeo Prasad (1968 (8) TMI 1 - SUPREME Court) as also the similar principles set out by the Bombay High Court in the case of AR Mahadevia vs CIT (1967 (3) TMI 24 - BOMBAY High Court). The appellant is not able to provide any contrary decisions. In our opinion, the impugned order of the Tribunal is based on material facts and is supported by the decisions aforesaid, hence need no interference by this Court.
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