9911796707
TMI Blog2013 (4) TMI 345X X X X Extracts X X X X X X X X Extracts X X X X ..... with any income other than speculation income. 2. That on the facts & circumstances of the case the ld. CIT(A) erred in law in directing the A.O. to set off carry forward loss with the dividend income of rs.15,87,110/- treated as income from other sources without appreciating the facts that dividend income income from other sources and not income from business." 3. The appeal filed by the Revenue is late by 39 days. The reasons for condoning the delay are duly explained by the Revenue through an affidavit filed along with the appeal. After hearing the rival submissions we find that the explanation submitted by the Revenue is a plausible one We accordingly condone the delay and admit the appeal taken by the Revenue. 3. The brief facts rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of shares. The CIT(A) on this issue took a view that the dividend income received by the assessee in respect of the shares held as stock-in- trade would have been received in the course of carrying on the business of purchase and sale of shares. Accordingly the CIT(A) directed the AO to set-off the dividend income against the speculation loss under Explanation to section 73 and only the balance amount is to be considered to be speculation loss to be carried forward and to be set off only against the share business profit in subsequent years. Against the finding of the ld. CIT(A) the Revenue is in appeal before us by way of the aforesaid effective grounds of appeal. 4. Before us, the ld. AR relying on the decision of the Kolkata Tribunal in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een considered by the Tribunal by its order dated 11th July, 2002 (supra) wherein it has held that the dividend income earned by the assessee on stock in trade of such speculation business formed integral part of such deemed speculation business and was eligible to be set off against its so called speculation loss. In this regard, we hold that the dividend income is to be set off against the speculation loss and only the balance amount is to be considered to be speculation loss to be carried forward to be set off only against the speculation profit in subsequent years." 6.1. Respectfully following the said decision of the Tribunal we do not find any illegality or infirmity in the order of the ld. CIT(A) in directing the AO to set off the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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