https://www.taxtmi.com/caselaws?id=118763 The Tribunal upheld the Assessing Officer's decision to treat the loss on purchase and sale of shares as speculation loss under the Explanation to section 73 of the Income Tax Act. Despite actual delivery of shares, the Tribunal applied the deeming fiction introduced by the Explanation, classifying the transactions as speculative. The Tribunal emphasized that the Explanation applies to companies engaged in share dealings, deeming them to be involved in speculation business regardless of actual delivery, rejecting the assessee's arguments. The Tribunal concluded that the deeming fiction in the Explanation encompasses the entire share transaction activity, affirming the lower authorities' decision and dismissing the assessee's appeal. en-us Fri, 30 Sep 2005 00:00:00 +0530 Thu, 05 Jul 2012 15:16:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118763 The Tribunal upheld the Assessing Officer's decision to treat the loss on purchase and sale of shares as speculation loss under the Explanation to section 73 of the Income Tax Act. Despite actual delivery of shares, the Tribunal applied the deeming fiction introduced by the Explanation, classifying the transactions as speculative. The Tribunal emphasized that the Explanation applies to companies engaged in share dealings, deeming them to be involved in speculation business regardless of actual delivery, rejecting the assessee's arguments. The Tribunal concluded that the deeming fiction in the Explanation encompasses the entire share transaction activity, affirming the lower authorities' decision and dismissing the assessee's appeal. Case-Laws Income Tax Fri, 30 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118763