2014 (1) TMI 1410

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....n, Sr. Advocate, Ms. Anupa Banerjee,Adv. ORDER The Court : The income of the assessee arising from different heads was as follows: 1. Loss in the purchase and sale of shares including interest liability attributable to it (-) Rs.10,83,091/- II. Income from the business of granting loans, advances etc. (+) Rs.2,10,218/- III. Short term capital gains in sale of shares (as per co....

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....wn by the assessee under the head "income from other sources" is to the tune of Rs.10,13,798/-. We are, therefore, of the opinion that the assessee's gross total income consisted mainly of income assessable under the head "income from other sources". It therefore, follows that the loss in share trading has to be treated as business loss. We direct the A.O. accordingly." Aggrieved by the order o....

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....e consists predominantly of income from the four heads that are referred to therein. Obviously, in computing the gross total income the normal provisions of the Act must be applied and it is only thereafter, that it has to be determined as to whether the gross total income so computed consists mainly of income which is chargeable under the heads referred to in the Explanation. Consequently, in the....