- (1.) The income of the assessee arising from different heads was as follows: JUDGEMENT_150_LAWS(CAL)1_2014_1.html
(2.) The assessee was interested in contending and, in fact, contended as follows: " the loss in purchase and sale of shares is to the tune of Rs.10.83,091/- and income from the business is Rs.2,10,119/-. The net loss under the head "income from business and profession" comes to Rs.8,72,972/- whereas, the income earned under the heads "Income from other sources" is greater i.e., to the tune of Rs.10,13,798/- and, therefore, the case of the assessee falls outside the purview of Explanation to Section 73."
(3.) The learned Tribunal held as follows: " the net loss under the head "profits and gains of business or profession" would be Rs.8,72,972/- whereas, the income shown 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.";