Share Dealing Loss Not Set Off as Business Loss; Assessee Primarily Engaged in Loans, Exempt from Section 73 Explanation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Benefit of set off of loss in share dealing by treating the same as business loss - what constitutes principal business will essentially depend on the facts and circumstances of each case - the principal or dominant business of the assessee was granting loans & advances and thereby the assessee falls outside the ambit of the Explanation to Sec. 73....