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Share loss to be first set-off to determine what Gross Total Income consists of under explanation to section 73
Case Law Details
- Case Name
- CIT Vs. Darshan Securities Pvt. Ltd. (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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CIT Vs. Darshan Securities Pvt. Ltd. (Bombay High Court)- During the assessment year, the assessee returned an Income of Rs. 2,25,04,588 from service charges. The assessee had a loss of Rs.02,23,32,127 in share trading. The assessee had a dividend income of Rs. 4,79,325/. The assessee claimed that in computing the gross total income for the purpose of the explanation to Section 73, the income from service charges had to be adjusted against the loss in share trading.
It was held by the Honorable HC that gross total income of the assessee was required to be computed inter alia by computing t...
