| COURT: | ITAT Mumbai |
| CORAM: | Ashwani Taneja (AM), C. N. Prasad (JM) |
| SECTION(S): | 73 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | composite business, shares, speculative loss |
| COUNSEL: | Sanjay Shah |
| DATE: | March 16, 2016 (Date of pronouncement) |
| DATE: | April 13, 2016 (Date of publication) |
| AY: | 2009-10 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
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S. 43(5), Explanation to s. 73: Where the assessee is a dealer in shares, the entire business of share trading and derivatives should be treated as a composite business and aggregated before applying Explanation to s. 73 |
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Where the assessee is a dealer in shares, the entire business consists in sale purchase of shares, then, it should be treated as composite business. Also, assessee’s stand of treating the whole business as composite business has always been accepted by the revenue in earlier as well as subsequent years. Accordingly, whole of assessee’s business was treated as speculative and loss of current year was allowed to be set off against profits of the current year
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