2005 (8) TMI 32

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... profits & losses in both the trades have to be taken into consideration. If after such adjustments, there is a positive profit, the assessee would be entitled to deduction u/s 80HHC(1) - - - - - Dated:- 8-8-2005 - Judge(s) : Y. K. SABHARWAL. and G. P. MATHUR. ORDER Heard learned counsel for the parties. Delay condoned. Leave granted. The only question before the High Court was whe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... profits and losses in both the trades have to be taken into consideration. If after such adjustments, there is a positive profit, the assessee would be entitled to deduction under section 80HHC(1). If there is a loss, he will not be entitled to any deduction. In this view, we set aside the impugned judgment, allow the appeal and answer the question in the affirmative, i.e., in favour of the Revenu .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X