Disallowance of set-off u/s 70 of share trading business loss...

Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased for the purpose of trading and earning profit and not for purpose of holding them as investment to earn capital gains/dividend income. This is this is evident from the fact that during the first year itself, almost all of the scripts purchased by the assessee were sold by him - we hold that the CIT(A) has erred in facts and law in holding that the loss from sale of shares was short-term capital losses and hence not eligible for set of against income from profession of the assessee - AT

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