https://www.taxtmi.com/caselaws?id=221993 The Court ruled in favor of the petitioner, a Public Limited Company, in a case challenging a notice for re-assessment under Section 148 of the Income Tax Act, 1961 for the Assessment Year 1999-2000. The Court held that the petitioner was entitled to set off losses from share trading against business profits as per the Explanation to Section 73 of the Act. Consequently, the reassessment proceedings were deemed unjustified, leading to the quashing of the notices. Each party was directed to bear their own costs. en-us Tue, 02 Apr 2013 00:00:00 +0530 Tue, 09 Apr 2013 08:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221993 The Court ruled in favor of the petitioner, a Public Limited Company, in a case challenging a notice for re-assessment under Section 148 of the Income Tax Act, 1961 for the Assessment Year 1999-2000. The Court held that the petitioner was entitled to set off losses from share trading against business profits as per the Explanation to Section 73 of the Act. Consequently, the reassessment proceedings were deemed unjustified, leading to the quashing of the notices. Each party was directed to bear their own costs. Case-Laws Income Tax Tue, 02 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221993