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2016 (5) TMI 351 - AT - Income TaxDisallowance of intra head adjustment in respect of business loss and Profit under the head Capital Gain by invoking provision of explanation to section 73 - Held that:- Respectfully following the judgment in the case of CIT vs. HSBC Securities & Capital Markets India P. Ltd. (2012 (6) TMI 715 - BOMBAY HIGH COURT ) and the decision of ACIT, Spl.Circle 18(1) vs. Concord Commercials (P) Ltd.(2005 (1) TMI 314 - ITAT BOMBAY-H ), we are of the view that during the year under appeal assessee’s income mainly includes income from capital gain at ₹ 6,58,227/- and exempt income in the form of dividend at ₹ 57,171/- under the head business assessee has suffered a loss of ₹ 6,18,448/- and further observing the fact that specific amendment has been inserted in the statute by way of including companies engaged in the business of trading of shares in the explanation to section 73 of the Act w.e.f.1.4.15 clearly gives indication that for the year under appeal ld. Assessing Officer was not correct in invoking the explanation to section 73 of the Act on the assessee’s case and therefore, erred in treating business loss as deemed speculation loss and not allowing set off against the income from capital gain. - Decided in favour of assessee.
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