Speculation business classification narrowed: companies principally trading in shares excluded from deemed speculation treatment, altering set-off rules. The Explanation to the provision limiting set off and carry forward of losses from a speculation business is amended to exclude companies whose principal business is trading in shares from being deemed to carry on a speculation business; consequently such companies will not be subject to the speculation loss set off and carry forward restrictions for the specified subsequent assessment years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Speculation business classification narrowed: companies principally trading in shares excluded from deemed speculation treatment, altering set-off rules.
The Explanation to the provision limiting set off and carry forward of losses from a speculation business is amended to exclude companies whose principal business is trading in shares from being deemed to carry on a speculation business; consequently such companies will not be subject to the speculation loss set off and carry forward restrictions for the specified subsequent assessment years.
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