https://www.taxtmi.com/caselaws?id=210498 The Supreme Court allowed the Civil Appeal despite a delay in filing by the Revenue, emphasizing the importance of the legal question. The High Court was directed to consider the matter for admission and decide on merits. The case involved interpreting the Explanation to Section 73 of the Income Tax Act regarding speculative loss treatment for Assessment Year 1996-97. The Court held that the assessee did not fall under the speculation business category as per the explanation, aligning with previous judgments. The appeal was dismissed with no costs awarded. en-us Thu, 02 Feb 2012 00:00:00 +0530 Tue, 02 Jul 2013 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210498 The Supreme Court allowed the Civil Appeal despite a delay in filing by the Revenue, emphasizing the importance of the legal question. The High Court was directed to consider the matter for admission and decide on merits. The case involved interpreting the Explanation to Section 73 of the Income Tax Act regarding speculative loss treatment for Assessment Year 1996-97. The Court held that the assessee did not fall under the speculation business category as per the explanation, aligning with previous judgments. The appeal was dismissed with no costs awarded. Case-Laws Income Tax Thu, 02 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210498