This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Income from trading of shares will be speculative business within meaning of provision of Explanation to section 73
Case Law Details
- Case Name
- ITO Vs. Ethno Financial Research Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005- 2006
- Courts
- All ITAT, ITAT Delhi
RELEVANT PARAGRAPH
9. We have heard both the parties and perused the material on record. In this case there no dispute that trading in shares is not the business of the assessee as authorised by memorandum of association. It is also a fact that the assessee had dealt in futures and as well as traded in shares of other companies. Therefore, we have to see the applicability of the Explanation to section 73 of the Act to the share trading activities carried on by the assessee. As per Explanation to Section 73. where any part of business of the company an assessee whose gross total income is not c...
