Under Explanation to section 73 of Income Tax Act, 1961 even delivery-based loss on shares is “speculation” loss

Under Explanation to section 73 of Income Tax Act, 1961 even delivery-based loss on shares is “speculation” loss

Brief:- (i) The Explanation to s.73 creates a fiction that the loss suffered by certain companies from the business of purchase & sale of shares shall be deemed to be speculation loss. The Explanation is not inconsistent with the object of introduction. The CBDT Circular dated 24.7.1976 cannot

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