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Loss on account of intraday trading in shares settled through clearing difference bills is not speculative in nature
Case Law Details
- Case Name
- CIT Vs Lalit Kumar Poddar (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Issue before court:
Whether the assessee’s loss on account of intraday trading in shares, is truly speculative in nature and liable to be treated as such?
Whether the interest-free loans secured by the assessee to the tune of 1.55 crores were in the circumstances of the case liable to be added under Section 68 of the Act.
Brief Facts:
The assessee engaged in trading in stocks and shares and acts as a sub-broker. Assessee claimed a sum of 66,35,210/- as business expenditure on account of clearing difference. In the AY 2007-08 it also reflected an amount of Rs. 1.55 crores as loans/advance ...
DEFINITION OF SHARE TRADING, INTRADAY TRADING, SPECULATIVE BUSINESS AND TRANSACTION SECURITY DERIVATIVE COMMODITY DERIVATIVE etc. if Loss income is not mentioned in the return of ay 2016-17 in ITR1 filled on dated 31.08.2016. AO SELECT THE SCRUITINY CASE AND CONCEALED SHARE TRANSACTION TURN OVER AMOUNT. HOW WILL SOLVE THE PROBLEM WITH GROUND FOR APPEAL TO THE COMMISSIONER OF INCOME TAX PLEASE GIVE ME SUGGETION. THANKS