B/F business losses can be set off against other sources of income which are in the nature of business income, though chargeable to tax under another head of income

Brought forward business losses can be set off against other sources of income which are in the nature of business income, though chargeable to tax under another head of income Gagan Trading Co. Ltd Vs. DCIT. (ITA No. 678/Mum/07) Mum ITAT dated 18 February 2011 Fact of the case:- The taxpayer was engaged in the business of purchase and sale of shares and debentures. During the assessment year 2003-04, the taxpayer had earned dividend from the shares held as stock in trade. The taxpayer set off the brought forward business losses against the dividend income chargeable to tax under the head ‘I...