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2016 (11) TMI 69 - AT - Income TaxAddition of speculation loss - nature of income - Held that:- There is not dispute about the fact that the assessee had already proved that its main income has already been treated to be under the head “income from other sources”. The Assessing Officer’s findings in assessment order as affirmed in the CIT(A)’s opinion deny application of above explanation in assessee’s case mainly on the ground that its statement of income is entirely under the head “ business income” . We reiterate that these two authorities have themselves treated the said receipts under the head “ income from other sources”. There is thus no substantive reason for not treating the assessee as an entity covered by Section 73 explanation hereinabove in these peculiar facts and circumstances. We accordingly delete the impugned disallowance/addition of speculation loss.
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