Whether the Explanation to section 73 can be applied to sections 70, 71 and 72 and in determining the gross total income

M/s. PCBL Industrial Ltd. Vs. CIT, Kolkata & Anr. (High Court of Calcutta)- Honorable High Court has to consider Following substantial Question and has held as Follows-

1. Whether the Explanation to section 73 which creates a legal fiction by which the purchase and sale of shares specified in the said Explanation which is specifically used for the purpose of section 73 as deemed speculation business can be applied to sections 70, 71 and 72

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