Brought Forward Business Loss can be set-off against dividends assessed as “income from other sources” if shares held for business

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI ITA NO. 591/MUM/07 (A.Y. 2003- 04) The DCIT  vs. Gagan Trading Co. Ltd. ORDER PER N.V.VASUDEVAN, J.M,ITA No.678/Mum/07 is an appeal by the assessee while ITA No.591/M/07 is an appeal by the revenue. Both these appeals are directed against the order dated 8/11/2006 of CIT(A)-V, Mumbai relating to assessment year 2003-04. 2. First we shall take up for consideration the appeal by the revenue. The ground of appeal raised by the revenue reads as under: “On the facts and in the circumstances of the case and as per law, the ld. CIT...