High Court held that ;since assessee’s income mainly consisted of ‘income from other source’, which constituted 91.68 per cent of gross total income, Tribunal was justified in holding that assessee was an investment company and, consequently, loss incurred by assessee in share transaction was not a speculative loss within meaning of Explanation to S. 73. ( AY.1989-90)
CIT v. Madona Commercial (P.) Ltd. (2018) 257 Taxman 116 (Bom)(HC)
S. 73 : Losses in speculation business Gross total income of assessee company mainly consisted of income from other source’, and, consequently, loss incurred by assessee in share transaction could not be said to be a speculative loss [ S.56 ]