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2013 (6) TMI 375 - AT - Income TaxCompany's income from trading of shares - whether be treated as business income / speculative business - assessee is a private limited company engaged in the business of share brokerage and share trading - Held that:- The case laws relied upon by assessee of CIT v. Lokmat Newspapers (P) Ltd. [2010 (2) TMI 94 - BOMBAY HIGH COURT] and CIT v. Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] the facts in both the cases are different from that of the assessee's case CIT(A) was justified in holding that the provision of section 73 and explanation thereto was applicable in the assessee's case and AO was justified in treating the income on account of brokerage of shares as business income and income on account of trading of shares for itself as speculation income within the meaning of section 73 and explanation thereto of the Act. The AO was further rightly directed to carry forward losses if any as per provisions. On this account AR submitted that AO has not allowed to carry forward of the losses as directed by the CIT(A). This limited issue is restored to the AO with a direction to allow carry forward of losses as directed by the CIT(A) as per provisions of the Act after providing opportunity of hearing to the assessee.
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