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| The Tax Publishers2020 TaxPub(DT) 4209 (SC) : (2020) 272 TAXMAN 0190 INCOME TAX ACT, 1961
Section 261 Section 73 Section 56
Where the Department preferred SLP to appeal against the judgment of Gujarat High Court in Torrent Finance (P) Ltd. v. Asstt. CIT [Tax Appeal No. 207 of 2007, dt. 4-8-2016] : 2020 TaxPub(DT) 4208 (Guj-HC), whereby the High Court held that dividend income earned on stock-in-trade of shares was incidential to share trading business and that therefore, irrespective of provisions contained in section 56 and Explanation to section 73 loss should be adjusted against such business income, the Supreme Court dismissed the SLP on the ground of low tax effect.
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Appeal (Supreme Court) - Special leave petition - Loss - Set-off--Set off of dividend income against loss of share trading business
Department preferred SLP to appeal against the judgment of Gujarat High Court in Torrent Finance (P) Ltd. v. Asstt. CIT [Tax Appeal No. 207 of 2007, dt. 4-8-2016] : 2020 TaxPub(DT) 4208 (Guj-HC), whereby the High Court held that dividend income earned on stock-in-trade of shares was incidential to share trading business and that therefore, irrespective of provisions contained in section 56 and Explanation to section 73 loss should be adjusted against such business income. Held: The Supreme Court dismisses the SLP on the ground of low tax effect.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
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