https://www.taxtmi.com/caselaws?id=6237 Loss on sale of machinery and plant used in the colliery business was deductible where the asset had been used during the relevant accounting year, the sale occurred in that year, and the loss was written off in the books, satisfying section 10(2)(vii) of the Income-tax Act, 1922. Dividend received on shares held as trading assets was treated as business income for section 24(2), because stock-in-trade shares retain their business character and the dividend could be adjusted against brought forward business losses. The Supreme Court therefore accepted both assessees' contentions and set aside the contrary answers of the High Court. en-us Mon, 18 Jan 1971 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6237 Loss on sale of machinery and plant used in the colliery business was deductible where the asset had been used during the relevant accounting year, the sale occurred in that year, and the loss was written off in the books, satisfying section 10(2)(vii) of the Income-tax Act, 1922. Dividend received on shares held as trading assets was treated as business income for section 24(2), because stock-in-trade shares retain their business character and the dividend could be adjusted against brought forward business losses. The Supreme Court therefore accepted both assessees' contentions and set aside the contrary answers of the High Court. Case-Laws Income Tax Mon, 18 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6237