Tuesday, May 24, 2011

Even transactions, which are not speculative within 43(5) should be deemed


Even transactions, which are not speculative within 43(5) should be deemed to be speculative one if those come within purview of Explanation to section 73

Income-tax : Transaction arising from business of purchasing and selling of shares where there has been actual delivery of transfer of scrips comes within ambit and scope of speculative transaction as defined in section 43(5) so as to apply section 73 by taking aid of Explanation to section 73 [Section 73 of the Income-tax Act, 1961 - Losses in speculation business] - [2011] 10 taxmann.com 121 (Cal.)

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