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2012 (11) TMI 894 - HC - Income TaxLoss on Trading of Shares - Speculation Loss or not - Whether explanation to Section 73 of the Income Tax Act, 1961 in the facts and circumstances of this case has been applied properly by all the authorities below or not? - held that:- All the authorities below had concurrently found that major portion of the gross total income of the assessee consist mainly on income not in relation to the granting of loans and advances but consisting of the purchase and sales of shares of other companies. Even fund and income generation theories both have been considered by all authorities below. All the authorities below have held that it is not an income from any other source but from purchase and sale of shares consequently loss of same nature and as such explanation has been applied rightly. When the fact is clear, law automatically follows. - Decided against the assessee.
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