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2010 (2) TMI 94 - HC - Income TaxCarry forward and set off under section 43(5),73 – Speculation Business – For the assessment year 2003-04, the assessee showed a profit on the sale of shares and securities held as stock-in-trade, offered it as a profit of speculation business, set it off against speculation loss brought forward from the assessment years 1996-97 to 1998-99 and showed the balance as speculation income. The Tribunal held that the profit form the sale of shares fell within the purview of the Explanation to section 73 and was to be set off against brought forward losses. In this case Bombay High Court held that the Tribunal is consistent with the provisions of section 73. The appeal shall stand dismissed – Decision in favor of assessee – against the revenue
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