Monday, January 16, 2017

Assessee won't be deemed as carrying on speculative business when its Principal business is shares trading

THE ITAT Kolkata Bench held that where principal business of assessee was trading in shares, in view of amendment brought by Finance Act 2014 with retrospective effect from 1-4-1988, Explanation to section 73 was not applicable to its case and, thus, it was eligible to claim set off of loss incurred in share transactions against short-term capital gain.

Jalan Cement Works Ltd. v. CIT, Kolkata-1. [2016] 76 taxmann.com 230

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