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2016 (6) TMI 1156 - AT - Income TaxTreatment to loss - Disallowance of Business Loss by invoking Explanation to section 73 shown by the assessee as business loss as against speculation loss as treated by AO - prospective or retrospective applicability of the amendment brought in by Finance (No. 2) Act, 2014 in Explanation to Section 73 - Held that:- The Co-ordinate Bench of Mumbai, ITAT in the case of Fiduciary Shares & Stock P. Ltd vs. ACIT [2016 (5) TMI 814 - ITAT MUMBAI] has analyzed the amendment, its effect and the memorandum attached thereto while introducing finance bill; and after harmonizing all relevant aspects, the amendment is held to be clarificatory and retrospective in nature, which will cover assessee’s case as well. The judgments cited by the ld. DR are prior to the amendment. In view thereof we see no infirmity in the order of the ld. AO in allowing set off of loss to the assessee. - Decided in favour of assessee
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