Case Law Details
Case Name : CIT Vs. Lokmat Newspapers (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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The assessee earned a profit on sale of shares held as stock-in-trade. This profit was offered as profit from a ’speculation business’ and was set off against a ’speculation loss’ brought forward from an earlier assessment year. The AO took the view that the profit from sale of shares was not from a ’speculation business’ on the ground that the assessee had settled its transaction of sale and purchase of shares through physical delivery.
Consequently, the claim for set off against the speculation l
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