Rebate u/s 88E is allowable from the business income be it speculative or not

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...