This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
If part of company business is deal in shares then all types of transactions, whether delivery based or non-delivery based, will be treated as speculative transactions
Case Law Details
- Case Name
- Metropolitan Traders Pvt. ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003- 2004
- Courts
- ITAT Mumbai
Advertisement
RELEVANT PARAGRAPH
9. We have considered the rival submissions and perused the record of the case. The facts are not disputed. Admittedly, the assessee company was dealing in Cement and also engaged in the business of dealing in shares. There is no dispute over the fact that the assessee had taken delivery of shares before selling them. The assessee company had claimed set off of unabsorbed speculation loss relating to assessment year 1995-96 and 1997-98 carried forward in the current assessment year 2003-04. The carried forward loss was denied by the department on the ground ...
