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2009 (5) TMI 798 - AT - Income TaxAssessee is into sale and purchase of shares - suffers loss and carries the same forward and setss off the same against profit of the next fiscal - AO disallows the same as speculation business loss which can be set off only against speculation business profit - AO invokes Sec 73(1) - assessee pleads the transactions were in the nature of jobbing charges.
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