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2016 (8) TMI 735 - ITAT KOLKATATreatment to share trading loss - normal business loss or speculation loss - assessee is a member of the National Stock Exchange (NSE) having its main business as stock broking - Held that:- the amendment brought in by the Finance Act 2014 should be construed as curative in nature and hence to be given retrospective applicability. It is not in dispute that the principal business of the assessee in the instant case is trading in shares. If the amendment supra is given retrospective effect, then the same would automatically fall under the exception provided in the Explanation to Section 73 of the Act and accordingly the loss incurred on delivery based share transactions should not be construed as speculation loss. Hence the grounds raised by the revenue in this regard are dismissed. - Decided in favour of assessee.
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