https://www.taxtmi.com/caselaws?id=12130 Carried forward business loss may be set off against dividend income where the shares generating the dividend are held as stock-in-trade. The governing principle under both the 1922 and 1961 income-tax enactments is that brought forward business loss is adjustable against business profits, and the Supreme Court's interpretation of section 24(2) of the 1922 Act applies equally to section 72(1) of the 1961 Act because the language is materially similar. Where shares are trading assets, dividend from those shares is treated as part of business income for the limited purpose of set-off, and the assessee was entitled to the adjustment. en-us Mon, 19 Aug 2002 00:00:00 +0530 Wed, 17 Feb 2010 19:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12130 Carried forward business loss may be set off against dividend income where the shares generating the dividend are held as stock-in-trade. The governing principle under both the 1922 and 1961 income-tax enactments is that brought forward business loss is adjustable against business profits, and the Supreme Court's interpretation of section 24(2) of the 1922 Act applies equally to section 72(1) of the 1961 Act because the language is materially similar. Where shares are trading assets, dividend from those shares is treated as part of business income for the limited purpose of set-off, and the assessee was entitled to the adjustment. Case-Laws Income Tax Mon, 19 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12130