Allowing the appeal of the assessee the Court held that dividend income earned from stock in trade can be set off against loss suffered in share trading business. Followed CIT v. Sphere Stock Holding (P.) Ltd. in [TA No. 2583 of 2009, dated 23-8-2011 (Guj)(HC). (AY. 1997-98)
Torrent Finance (P.) Ltd. v. ACIT (2020) 115 taxmann.com 256 (Guj.)(HC) Editorial : SLP of revenue is dismissed, ACIT v. Torrent Finance (P.) Ltd (2020) 272 Taxman 190 (SC)
S. 73 : Speculation business-Dividend income-Stock in trade-Can be set off against loss suffered in share trading business. [S. 56, 70, 71]