Assessee claimed profit\/loss on share trading activity under head income from business or profession.\u00a0 Assessing Officer held\u00a0\u00a0\u00a0 that transactions of purchase and sale of shares were made under STT code no. 03 which exclusively applied to speculative transactions and, thus, he treated loss derived from share trading activity as speculative in nature.\u00a0 Assessee contended that she was trading in derivatives but not in future and options trading which comes under speculative transactions, therefore, said transactions could not be brought under purview of provisions of section 43(5). The Tribunal held that\u00a0\u00a0 neither assessee nor broker furnished any details asked for by Assessing Officer to verify assessee’s claim that transactions were outside ambit of speculative transaction (i.e., in nature of derivatives). The\u00a0 Assessing Officer never held that these transactions were speculative in nature, however arrived at a reasonable conclusion on basis of ITR information due to non-availability of information to verify claim of assessee.\u00a0 Matter\u00a0 remanded. (AY. 2015-16, 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 43(5) : Speculative transaction-Derivatives-Matter remanded back to the Assessing officer for verification. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43234","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bfk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43234"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43234\/revisions"}],"predecessor-version":[{"id":45368,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43234\/revisions\/45368"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}