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 th

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