Speculation business: purchase and sale of shares by non-excluded companies treated as speculation business for tax purposes. The amendment adds an Explanation to section 73 deeming a company's purchase and sale of other companies' shares to be a speculation business for that section to the extent the business consists of such share trading, excluding investment companies (per clause (ii) of section 109) and companies whose principal business is banking or granting loans and advances.
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: purchase and sale of shares by non-excluded companies treated as speculation business for tax purposes.
The amendment adds an Explanation to section 73 deeming a company's purchase and sale of other companies' shares to be a speculation business for that section to the extent the business consists of such share trading, excluding investment companies (per clause (ii) of section 109) and companies whose principal business is banking or granting loans and advances.
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