Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 10 - AT - Income TaxDisallowing the claim derivative loss as speculation loss - Approved stock exchange - Clause (d) of proviso to Section 43(5) of the Income tax Act - Held that:- once the approval is granted in the relevant previous year, and in the absence of anything indicated to the contrary, the approval has to be taken as effective from the beginning of the relevant year. - all the transactions entered into in the relevant previous year by the assessee in National Stock Exchange are to be treated as non-speculative transaction. No part of losses incurred in the relevant previous year can be treated as speculation loss and disallowance of expenses as relatable to such loss cannot also be made - Decided in favor of assessee.
|