https://www.taxtmi.com/caselaws?id=49308 Interest on securities that form part of a banking assessee's trading assets is treated as business income on commercial principles, even if it is separately classified under the head of interest on securities for computation of total income. Section 24(2) concerns loss from the same business in subsequent years and is not confined by the statutory heads of income. The carried-forward business loss was therefore available to be set off against the interest income, and the reference was answered in the assessee's favour. en-us Fri, 02 Apr 1965 00:00:00 +0530 Wed, 20 Aug 2014 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49308 Interest on securities that form part of a banking assessee's trading assets is treated as business income on commercial principles, even if it is separately classified under the head of interest on securities for computation of total income. Section 24(2) concerns loss from the same business in subsequent years and is not confined by the statutory heads of income. The carried-forward business loss was therefore available to be set off against the interest income, and the reference was answered in the assessee's favour. Case-Laws Income Tax Fri, 02 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49308