Section 73 of the Income-tax Act, 1961—Loss—Dividend income earned on stock-in-trade of shares can be set off against the loss suffered in the share trading business.

Facts: Whether Tribunal is right in law and on facts in allowing the set off of the dividend income against the speculation loss since "dividend" is placed under the head "Income from other sources"'?

Held, that shares were held by the assessee as stock-in-trade. CIT (A) as well as Tribunal therefore, were of the opinion that dividend income was incidental to share business and that therefore, irrespective of provisions contained in section 56 and explanation to section 73, loss should be adjusted against such business income. - TORRENT FINANCE (P.) LTD. V/s ASSTT. CIT - [2018] 2 ITCD Online 119 (GUJ)