Held We have no difficulty in accepting the views of the Delhi High Court when they say that shares fall squarely within the Explanation to Section 73(4) but we are unable to agree when derivatives are treated at par with the shares because the legislature has treated them differently. HIGH COURT OF CALCUTTA Asian Financial… Read More »
Issue :– The Assessing Officer held that the loss of Rs.26,63,131/- suffered by the assessee on account of share trading as share broker is not a business loss, but speculative loss as per Explanation to Section 73 and as per Explanation 2 to Section 28 and set off against the income from the business of… Read More »
Transaction of derivative market which included foreign currency and call option/put option could not be termed as speculative in nature IN THE ITAT MUMBAI BENCH ‘I’ IVF Advisors (P.) Ltd. v. Assistant Commissioner of Income-tax, Range 10 (1), Mumbai N.K. BILLAIYA, ACCOUNTANT MEMBER AND AMIT SHUKLA, JUDICIAL MEMBER IT APPEAL NO. 4798 (MUM.) OF 2012… Read More »