Held that the composition of gross total income comprised mainly of income from other sources which was much more than income from business and that accordingly, the assessee’s case fell under the exception clause provided in the Explanation to Section 73 of the Act. The loss incurred on shares and derivatives could not be treated as speculation loss. (AY. 2014-15)
Dy. CIT v. Quant Securities Pvt. Ltd. (2022) 98 ITR 83 (SN)(Mum) (Trib)
S. 73 : Losses in speculation business-Loss incurred on shares and derivatives could not be treated as speculation Loss-Gross total income comprised mainly of income from other sources much greater than income from business. [S.73, Expln.]