Assessee claimed loss on purchase and sale of shares and securities as business loss. The AO disallowed the loss. Tribunal allowed the claim of the assessee.\u00a0 High Court \u00a0held that since Assessing Officer clearly found that transactions of purchase and sale of shares were made on same date and no delivery of shares took place and transactions were intra-day share speculation, loss was to be treated as speculative loss and same was to be disallowed.\u00a0 Apex Court held that since controversy between assessee and revenue no longer survived in view of settlement of dues under Direct Tax Vivad Se Vishwas Scheme, 2024, SLP filed by assessee against impugned order of High Court had been rendered infructuous. \u00a0(AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 43(5) : Speculative transaction-loss on purchase and sale of shares and securities as business loss-Controversy between assessee and revenue no longer survived in view of settlement of dues under Direct Tax Vivad Se Vishwas Scheme, 2024, SLP filed by assessee against impugned order of High Court had been rendered infructuous [Art. 136] <\/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-59238","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fps","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59238","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=59238"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59238\/revisions"}],"predecessor-version":[{"id":59239,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59238\/revisions\/59239"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}