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2010 (1) TMI 874 - AT - Income Taxassessee is a share broker and dealer in share and securities and derivative instruments - AO in the assessment proceedings disallowed the loss in trading in derivative instrument and had also disallowed proportionate expenditure attributable to speculative business, also penalty levied by the Stock Exchange on the assessee for violation of margins - Held that:- section 43(5)(d) is prospective in nature and loss incurred on account of futures and options in shares is speculative in nature and cannot be treated as a business loss, penalty levied by the Stock Exchange for short comings in margin money cannot be held to be that which is levied for infringement of law and hence cannot be deleted, appeal of the Revenue is allowed in part.
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