https://www.taxtmi.com/caselaws?id=231301 The court ruled in favor of the petitioner, a Public Limited Company, allowing the writ petitions and quashing the notices for re-assessment issued by the Assessing Officer under Section 148 and Section 142(1) of the Income Tax Act. The court held that the losses from share trading activities could be set off against the profits of the company's main business, based on the interpretation of Section 73 of the Income Tax Act. This decision provided relief to the petitioner and clarified the treatment of losses in speculation business under the law. en-us Tue, 02 Apr 2013 00:00:00 +0530 Thu, 25 Jul 2013 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=231301 The court ruled in favor of the petitioner, a Public Limited Company, allowing the writ petitions and quashing the notices for re-assessment issued by the Assessing Officer under Section 148 and Section 142(1) of the Income Tax Act. The court held that the losses from share trading activities could be set off against the profits of the company's main business, based on the interpretation of Section 73 of the Income Tax Act. This decision provided relief to the petitioner and clarified the treatment of losses in speculation business under the law. Case-Laws Income Tax Tue, 02 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=231301