Case Law Details
Case Name : CIT Vs Baljit Securities (P) Ltd. (Calcutta High Court)
Related Assessment Year :
Courts :
All High Courts Calcutta High Court
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CA Sandeep Kanoi
The assessee basically is a share broker. The assessee also deals in buying and selling of shares for himself. The assessee is also dealing in derivatives. Dealing in derivatives has been excluded from the ambit of speculative transactions with effect from assessment year 2006-07. We are concerned with the assessment year 2005-06. The question arose whether the assessee was entitled to set off the loss arising out of business in derivatives against the income arising out of purchase and sale of
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Thanks Sandeepji for the wonderful insights and fresh perspective into the subject matter.
Is this order applicable for individuals doing Intraday Equity trading? Can they set off losses in Intraday Equity trading (non-delivery based) with profits of Share trading (delivery based).
What if the individuals also have other income HP, Salary etc?
Raj