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2022 (7) TMI 736 - AT - Income TaxNature of loss - speculative or non speculative - action of the Ld. A.O. in treating the loss from the share business as speculative allegedly in view of Explanation to section-73 - assessee had carried forward a loss "loss from Trading in Derivatives" on stock exchanges as Non-speculative in view of provisions of section 43(5) - HELD THAT:- As in view of the authoritative pronouncement of M/S SNOWTEX INVESTMENT LIMITED case [2019 (5) TMI 1165 - SUPREME COURT], we hold that loss from Futures and Derivatives is not speculation loss under Explanation to Section 73. Thus, disallowance of amount is directed to be deleted. - Decided in favour of assessee.
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