2006 (5) TMI 418

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....or the Respondent. ORDER Deepak R. Shah, Accountant Member. - By this miscellaneous petition the petitioner requests the Tribunal to rectify the mistake apparent on record while disposing of the appeal in ITA No. 135/B/98 dated 11-10-2004. This miscellaneous petition was posted for hearing on 31-3-2006 when none was present on behalf of the petitioner, but the counsel for respondent was pres....

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....m business carried forward from earlier years." The Hon'ble Tribunal inadvertently failed to dispose of this ground. The stand of the Department has always been that these shares were not held as stock-in-trade. It follows that the decision of the Hon'ble Supreme Court in CIT v. Cocanada Radhaswami Bank Ltd. [1965] 57 ITR 306 would not apply to the facts of the case. On the contrary, once the a....

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.... the scheme of set-off of brought forward losses is identical. 4. We have carefully considered rival submissions, relevant facts of the case and the case laws cited. As rightly canvassed by Sri Pai, the only issue is whether the brought forward business loss can be set off against the current year's dividend income or not. 4.1 Firstly, it is to be decided whether the shares are held as tradi....

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....s incorrect. Section 72(1) provides that where for any assessment year, the end result of the computation under the head "Profits and gains of business or profession" is a loss, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of section 71, so much of the losses as has not been set off be carried forward to the following as....