Held, that the business in share trading could not be held to be speculative without any basis and adverse material on record. The assessee was regularly showing the income from the share trading as business income. Loss is allowed to be set off. (AY. 2008-09)
Umesh Chandra Gupta v. Dy. CIT (2021) 90 ITR 79 (Agra)(Trib.)
S. 43(5) : Speculative transaction-Transactions in derivatives and share trading-Loss not from speculative business-Set-Off to be allowed. [S. 72]