Calcutta H.C : The transaction arising from the business of purchasing and selling of shares does not come within the ambit and scope of section 43(5) of the Act defining speculative transaction, the loss arising from the purchase and sale of shares can be treated as loss from speculation business applying Explanation to section 73 of the Act and not sustain claim of for set off of such loss under sections 70, 71 and 72

High Court Of Calcutta Paharpur Cooling Towers Ltd. vs. CIT IV, Calcutta Assessment Year : 1994-95 Section : 73 Kalyan Jyoti Sengupta And Kalidas Mukherjee, JJ. IT Appeal No. 256 Of 2002 October 15, 2010 JUDGMENT K.J. Sengupta, J. – By an order dated 29-8-2003 above appeal was admitted for hearing following substantial questions :…

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