Jobbing and Arbitrage Losses Recognized as Business Loss, Offset Allowed Against Other Income Sources, Not Section 73 Restricted.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Jobbing and arbitrage - The loss sustained by the assessee is a business loss which can be set off against the income from the other sources. Therefore, the prohibition under section 73 of the Act is attracted only to set off the loss in a speculative business against the profit from other business - HC....