TMI Blog2014 (1) TMI 1410X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able to it (-) Rs.10,83,091/- II. Income from the business of granting loans, advances etc. (+) Rs.2,10,218/- III. Short term capital gains in sale of shares (as per computation filed) (+) Rs.6.425 IV Income from other sources (as per computation filed) (+) Rs. 10,13,798/- The assessee was interested in contending and, in fact, conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income assessable under the head income from other sources . It therefore, follows that the loss in share trading has to be treated as business loss. We direct the A.O. accordingly. Aggrieved by the order of the learned Tribunal, the revenue has come up in appeal. At the time of hearing, Mr. Saraf, learned advocate very fairly drew our attention to the judgment in the case of CIT vs. Darshan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s only thereafter, that 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. Consequently, in the present case, 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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