2010 (3) TMI 1120

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..... /s.254(2) of the Income-tax Act, 1961 has been moved by the assessee praying for the rectification of the order of the Tribunal dated 6th August, 2009 in ITA No.543/Mum/2008. The learned Counsel for the assessee contended that the Tribunal erred in not giving any finding about the second part of ground no.1 qua the profit on shares purchased and sold during the year. In the opposition the learned .....

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..... ar that section 73 has an overriding effect. Therefore loss in the business of trading in shares by a company has to be treated as loss from speculation business and, consequently, the assessee would not be entitled to set off the same against the other incomes. 3. Here it is important to mention that we are dealing with the proceedings u/s.254(2), the scope of which is restricted only to recti .....

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