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Rebate u/s 88E is allowable from the business income be it speculative or not
Case Law Details
- Case Name
- DCIT Vs M/s. Envision Investment & Finance Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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Brief of the Case: In the cited case, ITAT inter-alia held that the claim has been denied merely because the AO has treated the transaction as speculative loss. This cannot be any reason for declining the claim of rebate u/s. 88E of the Act as the claim is allowable from the business income be it speculative or not.
Facts of the Case: The assessee deals in share and security. While scrutinizing the ITR, the AO noticed that the assessee had incurred loss from trading in securities/shares as under:
Profit on sale of shares Rs. 24,25,505/-
Loss on fall in value of shares Rs. (92,46,676)/-
Net fig...
