Expl. to s. 73 does not operate in respect of a company whose gross total income consists mainly of income which is chargeable under the heads of interest on securities, income from house property, capital gains & other sources

HIGH COURT OF BOMBAY Commissioner of Income-tax V/s. HSBC Securities & Capital Markets India (P.) Ltd. IT APPEAL NO. 657 OF 2007† JUNE 12, 2012 ORDER 1. This is an appeal under section 260-A of the Income Tax Act against the order of the Income Tax Appellate Tribunal (ITAT) dated 14.7.2005 partly allowing the respondent’s appeal against the order of the CIT(A)/XXII. The matter pertains to the assessment year 1997-1998. 2. The appellant seeks to raise the following question as a substantive question of law :- “Whether on the facts and in the circumstances of t...