https://www.taxtmi.com/caselaws?id=67476 The Tribunal upheld the treatment of the loss claimed by the assessee on the sale of shares as speculative rather than a business loss. It rejected the assessee's arguments to treat the loss as "Short term Capital Loss" and clarified that speculation losses are governed by section 73, precluding consideration under section 74. Emphasizing the distinction between speculation and capital asset transactions, the Tribunal concluded that the claim for business loss deduction was not permissible under the law. The appeal was dismissed, affirming the denial of the deduction for business loss and upholding the characterization of the loss as speculative. en-us Tue, 24 Sep 1991 00:00:00 +0530 Thu, 10 Mar 2011 17:38:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67476 The Tribunal upheld the treatment of the loss claimed by the assessee on the sale of shares as speculative rather than a business loss. It rejected the assessee's arguments to treat the loss as "Short term Capital Loss" and clarified that speculation losses are governed by section 73, precluding consideration under section 74. Emphasizing the distinction between speculation and capital asset transactions, the Tribunal concluded that the claim for business loss deduction was not permissible under the law. The appeal was dismissed, affirming the denial of the deduction for business loss and upholding the characterization of the loss as speculative. Case-Laws Income Tax Tue, 24 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67476