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2014 (2) TMI 793 - HC - Income TaxSpeculative loss - Deletion made under Explanation to section 73 of the Act – Nature of Loss - Whether the Tribunal is right in deleting the addition made on account of treating the share trading loss as speculative loss – Held that:- The assessee pointed out that it earned interest income and the Revenue held that such income must be considered to be a business income of the assesse – thus, the exclusion clause in the explanation would not apply - the Tribunal has correctly appreciated the facts - it could not be concluded that the assessee was in business of advancing loans and earning interest - Tribunal held that giving loans and advances cannot be termed as the business of the assessee - The Tribunal’s conclusion that the gross total income of the assessee consisted mainly of income chargeable under the heads of interest on security, house property, capital gains or income from other sources calls for no interference – thus, the assessee would not be governed by the explanation to section 73 - the deeming fiction would not apply - Loss could not treated as speculative loss – Decided against Revenue.
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