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2015 (1) TMI 235 - AT - Income TaxMiscellaneous application – Rectification of mistake apparent on record – Held that:- In the order dated 18/04/2013, there is a typographical error which requires to be rectified as Assessment Year mentioned as 2006-07 instead of AY 2008-09 and it is modified as AY 2008-09. Carry forward and set off u/s 43(5) and 73 – Speculation Business – Held that:- CIT(A) rightly allowed the claim of the assessee by following the judgement of CIT vs. Lokmat Newspapers (P) Ltd. [2010 (2) TMI 94 - BOMBAY HIGH COURT] – The profit on account of sale of shares is ₹ 21949309 and loss on account of sale of shares of ₹ 8237695 – assessee is having business income greater than the income from other sources or capital gain income and hence the income earned by it on account of sale and purchase of shares is to be treated as income earned from speculative transactions as per the provisions of explanation to section 73 - Also such a situation, both the profits as well as losses incurred on account of trading in shares become speculative transactions – Decided in favour of assessee.
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