https://www.taxtmi.com/caselaws?id=241792 The court allowed the writ petitions, quashing the notices for re-assessment by the Assessing Officer. It held that the petitioner could set off losses from share trading against profits from the business of loans and advances under the Explanation to Section 73 of the Income Tax Act, 1961. The court determined that the petitioner's principal business was earning interest on advances and loans, enabling the set off as the share trading was conducted from income derived from interest. en-us Tue, 02 Apr 2013 00:00:00 +0530 Wed, 01 Jan 2014 12:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241792 The court allowed the writ petitions, quashing the notices for re-assessment by the Assessing Officer. It held that the petitioner could set off losses from share trading against profits from the business of loans and advances under the Explanation to Section 73 of the Income Tax Act, 1961. The court determined that the petitioner's principal business was earning interest on advances and loans, enabling the set off as the share trading was conducted from income derived from interest. Case-Laws Income Tax Tue, 02 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241792