income from business and securities fell under different heads, namely, Section 10 and Section 8 of the Act respectively, that they were mutually exclusive and, therefore, the losses under the head “business” could not be carried forward from the preceding year to the succeeding year and set off under Section 22(4) of the Act against the income from securities held by the assessee. 4. Learned counsel for the assessee, on the other hand, contended that though for the purpose of computation of income, the income from securities and the income from business were calculated separately, in a case where the securities were part of the trading assets of the business, the income therefrom was part of the income of the business and, therefore, the losses incurred under the head “business” could be set off during the succeeding years against the total income of Civil Appeal No.3291­3294 of 2009, etc. Page 23 of 45the business i.e. income from the business including the income from the