Dividend on shares held by assessee as stock-in-trade is taxable as Business Income

Once it is held that the shares held by the assessee as a stock-in-trade and the income whether directly or incidentally from holding of such shares as stock-in-trade, would be business income, then it cannot be said that the dividend income would fall as an income from other sources as contemplated under section 56 of the Act and that set-off of under section 72 of the Act in a subsequent year would not be permissible.

IN THE HIGH COURT OF DELHI

Commissioner Of Income Tax

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