https://www.taxtmi.com/caselaws?id=62626 The ITAT upheld the AO and CIT(A)'s decision to classify the business loss of Rs. 2,53,417 as speculation loss under the Explanation to section 73. The Tribunal rejected the assessee's argument for applying proviso (c) to section 43(5), affirming that the loss from normal business activities did not qualify for exclusion. The Tribunal emphasized that the Explanation to section 73 applies to regular share dealings, thereby deeming them speculative. Consequently, the appeal was dismissed, reinforcing the legislative intent behind distinguishing speculative transactions and deemed speculation in business losses. en-us Mon, 18 Oct 2004 00:00:00 +0530 Mon, 24 Jun 2024 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62626 The ITAT upheld the AO and CIT(A)'s decision to classify the business loss of Rs. 2,53,417 as speculation loss under the Explanation to section 73. The Tribunal rejected the assessee's argument for applying proviso (c) to section 43(5), affirming that the loss from normal business activities did not qualify for exclusion. The Tribunal emphasized that the Explanation to section 73 applies to regular share dealings, thereby deeming them speculative. Consequently, the appeal was dismissed, reinforcing the legislative intent behind distinguishing speculative transactions and deemed speculation in business losses. Case-Laws Income Tax Mon, 18 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62626