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section 43[5] vs 73

Started by CA.BHUPENDRASHAH, June 23, 2012, 08:31:34 AM

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CA.BHUPENDRASHAH

" When once we held that the transactions done by delivery as well as the transactions of derivatives are not hit by section 43(5) of the Act it is in our considered view that the aggregation of the share trading loss and profit from derivative transactions should be done before the application of the Explanation to section 73 of the IT Act is applicable."
ITA No.1019/Kol/2011 M/s. Arena Textiles & Industries Ltd., Kolkata
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