https://www.taxtmi.com/caselaws?id=63557 Own-account share-dealing by a company covered by the Explanation to section 73 is deemed speculation business where the shares belong to the company and form part of its trading stock. Loss from that activity cannot be set off against brokerage income or other non-speculative income, because brokerage and proprietary share dealing are distinct businesses for this purpose. A claim that the transactions were undertaken for clients who withdrew was unsupported by evidence. Office expenses incurred on food, beverages, meals, hotel and club hospitality may be treated as entertainment expenditure; the disallowance was restricted after consideration of the relevant material. en-us Mon, 06 Jan 2003 00:00:00 +0530 Mon, 31 Jan 2011 16:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63557 Own-account share-dealing by a company covered by the Explanation to section 73 is deemed speculation business where the shares belong to the company and form part of its trading stock. Loss from that activity cannot be set off against brokerage income or other non-speculative income, because brokerage and proprietary share dealing are distinct businesses for this purpose. A claim that the transactions were undertaken for clients who withdrew was unsupported by evidence. Office expenses incurred on food, beverages, meals, hotel and club hospitality may be treated as entertainment expenditure; the disallowance was restricted after consideration of the relevant material. Case-Laws Income Tax Mon, 06 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63557