https://www.taxtmi.com/caselaws?id=121717 The Tribunal upheld the decision that the loss on the sale of shares was a capital loss, not a business loss, disallowing its set-off against other income. Even if treated as a business loss, it was deemed a speculative loss under the Explanation to section 73 of the Income-tax Act, 1961, and not allowed to be set off against business income. The Tribunal affirmed that the shares were held as investments, not stock-in-trade, and fell within the ambit of the Explanation to section 73, making the loss on sale of shares a speculative loss. en-us Fri, 12 Dec 2008 00:00:00 +0530 Wed, 01 Aug 2012 17:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121717 The Tribunal upheld the decision that the loss on the sale of shares was a capital loss, not a business loss, disallowing its set-off against other income. Even if treated as a business loss, it was deemed a speculative loss under the Explanation to section 73 of the Income-tax Act, 1961, and not allowed to be set off against business income. The Tribunal affirmed that the shares were held as investments, not stock-in-trade, and fell within the ambit of the Explanation to section 73, making the loss on sale of shares a speculative loss. Case-Laws Income Tax Fri, 12 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121717