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| The Tax Publishers2020 TaxPub(DT) 4208 (Guj-HC) INCOME TAX ACT, 1961
Section 70
Where dividend income was incidental to share business, therefore, irrespective of provisions contained in section 56 and Explanation to section 73, loss should be adjusted against such business income.
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Loss - Set off - Set off of dividend income against loss of share trading business -
Assessee filed appeal against the order of Tribunal wherein it was held that dividend income earned on stock-in-trade of shares could not be allowed to be set off against the loss suffered in the share trading business. Held: Dividend income was incidental to share business and that therefore, irrespective of provisions contained in section 56 and Explanation to section 73, loss should be adjusted against such business income.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 1997-98
IN THE HIGH COURT OF GUJARAT
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