Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 943 - HC - Income TaxSection 73 applicability - assessee deemed to be carrying on speculation business - Held that:- The deeming provision is that any part of the business of a company consisting in the purchase and sale of shares of other companies, for the purposes of that section, the company would be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares, exceptions provided. The Assessing Officer has applied one of the exceptions, as covering the assessee. The CIT(A) and Tribunal have concurrently found the assessee to be accordingly excepted out of the application of the explanation. The assessee thus not deemed to be carrying on speculation business, loss incurred by it would be a business loss and the assessee entitled to set off the same against its income from other sources under section 71. That being our view, we accept the submissions of Mr. Khaitan in distinguishing the cases cited on behalf of the Revenue as not applicable to this case. Calculation of interest under section 234B - direction by CIT-A to give credit for tax from 6th August, 2008 being the 120th day from the date of last authorization for search as provided in the second proviso in subsection (1) of section 132B. The Tribunal upheld such findings and direction and we have no reason to interfere. No substantial question of law.
|