26 October 2010
No income from other source can't be negative ya there is some cases of speculative business but it can 't set off other source of income and it will be carried forward for the next year and will be adjusted against the same head of the income
26 October 2010
Loss from the activity of owing and maintaining race horses may be possible. However it can not be setoff against income from other head.
26 October 2010
The Supreme Court held in CIT v. Rajindra Prasad Moody [1978] 115 ITR 519, that in order to claim deduction under section 57 in respect of any expenditure, it is not necessary that income should in fact have been earned as a result of the xpenditure. In this view of the matter, the Court held that the interest on money borrowed for investment in shares which had not yielded any taxable dividend was admissible as a deduction under section 57 under the head, “Income from other sources”.
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