Held that when the business itself was not allowed to be carried on to the assessee, the investment made in mutual funds could not be treated as giving rise to business income. Ex consequential\u00a0 the profit or loss from transfer of such mutual funds would fall under the head Capital gains. The interest on fixed deposits with nationalised banks shall be taxed as Income from other sources. The Tribunal\u00a0 also held that\u00a0 the assessee was entitled to set off the loss from mutual funds, etc. against the income from mutual funds, etc. However, this exercise required examination of the amount of loss incurred from sale of mutual funds, etc. during the year and the amount of loss brought forward from earlier years eligible for set off against income from mutual funds during the year. Such an exercise can be carried out only after considering the break-up of the loss. The\u00a0 matter remanded to the Assessing Officer\u00a0 to examine\u00a0\u00a0 brought forwarded from earlier years and then allow set-off in terms of sections\u00a070\u00a0and\u00a071\u00a0of the Act. (AY. 2007-08, 2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies-Income from sale of mutual funds to be taxed as capital gains-Interest on fixed deposits taxable as income from other sources\u201d-Loss for year and brought forward loss from sale of mutual funds to be set off. [S. 45, 70, 71, 80P(2)(a)(i)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-25999","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6Ll","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=25999"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25999\/revisions"}],"predecessor-version":[{"id":26000,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25999\/revisions\/26000"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=25999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=25999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=25999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}