https://www.taxtmi.com/caselaws?id=118805 The tribunal vacated the CIT(A)'s decision and upheld the Assessing Officer's order in an appeal filed by the revenue. The case involved the pro rata allocation of expenditure related to speculation business for assessment year 1996-97. The tribunal emphasized that expenses should be apportioned for transactions falling under the Explanation to section 73, deeming them speculative business, in conjunction with section 73(1) to compute loss. This decision overturned the CIT(A)'s deletion of the pro rata allocation of expenses, resulting in an increased loss treated as speculation loss under section 73. en-us Fri, 23 Sep 2005 00:00:00 +0530 Thu, 05 Jul 2012 17:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118805 The tribunal vacated the CIT(A)'s decision and upheld the Assessing Officer's order in an appeal filed by the revenue. The case involved the pro rata allocation of expenditure related to speculation business for assessment year 1996-97. The tribunal emphasized that expenses should be apportioned for transactions falling under the Explanation to section 73, deeming them speculative business, in conjunction with section 73(1) to compute loss. This decision overturned the CIT(A)'s deletion of the pro rata allocation of expenses, resulting in an increased loss treated as speculation loss under section 73. Case-Laws Income Tax Fri, 23 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118805