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2018 (5) TMI 1324 - AT - Income TaxTaxability as long term capital gain - provisions of section 50C applicability - Held that:- As we have held that what was sold, was stock-in-trade and hence assessable under the head business income, the provisions of section 50C will not apply for the impugned assessment years. Hence this finding of the Ld. CIT(A) is also upheld. Thus the ground of revenue in these appeals for the assessment year 2008-09 is dismissed. “Speculation loss” as trading loss of the assessee - Held that:- This grounds taken by the revenue on the deletion of disallowance of loss incurred on future trading of foreign exchange by the CIT(A) is hereby dismissed. See Nand Nandan Agrawal vs DCIT [2018 (2) TMI 253 - ITAT AGRA].
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