Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (2) TMI 117 - HC - Income TaxSetting off loss of share trading against income from service charges – both falling under same head “PGBP” - Revenue contending loss in share trading to be speculative loss – Held that:- The explanation to sub section (1) of section 73 provides a deeming definition of when a company is deemed to be carrying on a speculation business, however, applying the provisions of Section 73(1) to determine whether a company is carrying on speculation business would reverse the order of application. In present case, Tribunal was justified, in holding that the assessee fell within the purview of the exception carved out in the explanation to Section 73 and that consequently the assessee would not be deemed to be carrying on a speculation business for the purpose of Sec. 73(1) – Decided in favor of assessee.
|