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2012 (10) TMI 64 - HC - Income TaxSpeculation loss - whether the speculation loss declared from the sale of shares can be set off against the profit available ? - Held that:- Considering the AO's submission that the fact remains that there was no delivery of the shares and on both occasions i.e. at the time of purchase as well as at the time of sale, it was only the sister concern M/s A. Nitin Capital Services which was involved in the transaction, but how M/s A. Nitin Capital Services’ books and other particulars were made available, especially, having regard to the fact that its representative sought repeated adjournments and since he did not furnish the necessary particulars after receiving summons under Section 131. Having regard to these circumstances, the fact that M/s A. Nitin Capital Services’ assessments were completed, could not have been decisive as far as the assessee’s claims in the present case are concerned That dividends in the shares concerned had not been enjoyed by the assessee even for the period it claimed to have held the shares - there was no evidence of any delivery being effected or any consideration actually having passed between the parties. The assessee relied almost entirely on book entries made in that regard - thus as that amount was not brought to tax and the assessee’s claim of loss was not allowed to be set of against its business profits - in favour of revenue.
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