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SB rules income from derivative trading in shares prior to financial year 2005-06 is speculation income
Case Law Details
- Case Name
- Shree Capital Services Ltd. Vs. ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Courts
- All ITAT, ITAT Kolkata
This Article summarizes a recent ruling of the Special Bench (SB) of Kolkata Income Tax Appellate Tribunal (ITAT) in the case of Shree Capital Services Ltd. (Taxpayer) vs. ACIT (ITA No. 1294 (Kol) of 2008) in which the SB held that, prior to financial year 2005-06 (assessment year 2006-07), derivative transactions in shares were covered by the definition of speculative transactions (ST). The SB further held that the exception to the definition of ST, from tax year 2005-06, in respect of eligible derivative transactions carried out on recognized stock exchanges, is not clarificatory in nature a...
