https://www.taxtmi.com/caselaws?id=121334 The Tribunal allowed the appeal filed by the assessee, holding that the transactions should be treated as speculative, allowing the set-off of unabsorbed speculation loss from earlier years. The Tribunal disagreed with the lower authorities, emphasizing that the Explanation to section 73 should be given full effect, including all transactions of purchase and sale of shares, whether delivery-based or not. The decision cited the Bombay High Court ruling in Prasad Agents (P.) Ltd. v. ITO, establishing that a company dealing in shares is deemed to be engaged in speculation business under section 73. en-us Thu, 30 Jul 2009 00:00:00 +0530 Sat, 28 Jul 2012 13:39:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121334 The Tribunal allowed the appeal filed by the assessee, holding that the transactions should be treated as speculative, allowing the set-off of unabsorbed speculation loss from earlier years. The Tribunal disagreed with the lower authorities, emphasizing that the Explanation to section 73 should be given full effect, including all transactions of purchase and sale of shares, whether delivery-based or not. The decision cited the Bombay High Court ruling in Prasad Agents (P.) Ltd. v. ITO, establishing that a company dealing in shares is deemed to be engaged in speculation business under section 73. Case-Laws Income Tax Thu, 30 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121334