Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1469 - AT - Income TaxRevision u/s 263 - losses earned on trading activity of the Futures and Options (F&O) - scope of amendment to section 43(5)(d) - Assessee submitted that year under consideration by the Tribunal is the assessment year 2004-05 and the losses from such futures and options were considered as normal business losses in view of the prospective amendment to section 43(5)(d) of the Finance Act, 2005 w.e.f. 01.04.2006 - HELD THAT:- Considering the above settled legal proposition of law on this issue in PS. KAPUR. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX. [2008 (7) TMI 463 - ITAT JAIPUR-A] and the retrospective amendment of clause (d) of section 43(5) of the Act, we are of the opinion that the CIT(A) erred in treating the same as speculative losses and, therefore, the decision of the CIT(A) requires to be set-aside. The said retrospective amendments allow the impugned losses as the business losses only. Accordingly, the relevant grounds raised by the assessee are allowed.
|