https://www.taxtmi.com/caselaws?id=62627 The Tribunal directed the AO to treat the loss of Rs. 2,94,832 as a normal business loss rather than a speculative loss, allowing it to be set off against non-speculative profits. The Tribunal found merit in the assessee's argument that the Explanation to section 73, intended to curb manipulative practices by business houses, should not apply to a simple share broker without evidence of manipulation. Consequently, the Tribunal allowed the appeal, overturning the prior decisions of the AO and CIT(A), and ordered the AO to allow the loss as claimed by the assessee. en-us Mon, 27 Sep 2004 00:00:00 +0530 Wed, 26 Jun 2024 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62627 The Tribunal directed the AO to treat the loss of Rs. 2,94,832 as a normal business loss rather than a speculative loss, allowing it to be set off against non-speculative profits. The Tribunal found merit in the assessee's argument that the Explanation to section 73, intended to curb manipulative practices by business houses, should not apply to a simple share broker without evidence of manipulation. Consequently, the Tribunal allowed the appeal, overturning the prior decisions of the AO and CIT(A), and ordered the AO to allow the loss as claimed by the assessee. Case-Laws Income Tax Mon, 27 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62627