share trading - Page 5

Income from trading of shares will be speculative business within meaning of provision of Explanation to section 73

ITO Vs. Ethno Financial Research Pvt. Ltd. (ITAT Delhi)

The provisions of Explanation to section 73 do not distinguish between the transaction of trading in shares on actual delivery or without delivery basis. Admittedly the assessee does not fall under any of the exceptions provided in the Explanation and hence, the purchase and sale of shares traded during the year under consideration is in ...

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Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73

Mafatlal securities Ltd. Vs Joint Commissioner of Income-tax (ITAT Mumbai)

Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Powers of - Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed statutory powers it has got inherent power to pass such orders as may be necessary for ends of ju...

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Loss on purchase and sale of units of mutual fund cannot be treated as speculation loss

Multiplex Trading & Industrial Co. Ltd. Vs ITO (ITAT Delhi)

The assessee is engaged in rendering Business & Management Consultancy and Marketing Services to its various clients against payment of professional fees. The assessee invested Rs 2,00,00,000/ - in 14,38,848.929 units of Sun F &C fund. The dividend of Rs.43,16,546. 70 received on 22.02.2001 was also reinvested in 4,09,151.252 units of the...

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Income Tax – No physical delivery of shares – Share trading loss is speculative loss – ITAT

THE Assessing Officer during the course of assessment proceedings observed that the assessee has claimed share trading loss of Rs.7,91,263/ -. From the various bills furnished by the assessee including the brokers notes, the Assessing Officer observed that the assessee has not taken physical delivery of shares purchased but only paid marg...

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June 2021