https://www.taxtmi.com/caselaws?id=238188 The Tribunal partially allowed the appeal, stating that loss in jobbing activity may not be speculative if undertaken for the assessee's account, not clients. The Tribunal emphasized the necessity of a reasonable basis for expenditure allocation and directed the assessee to provide evidence. Regarding speculative transactions by a stock exchange member, the Tribunal clarified the need to demonstrate transactions were to mitigate potential losses. The matter was sent back to the Assessing Officer for the assessee to establish jobbing transactions as non-speculative under section 43(5)(c), emphasizing the requirement for objective expense allocation criteria. en-us Fri, 11 Oct 2013 00:00:00 +0530 Fri, 18 Oct 2013 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238188 The Tribunal partially allowed the appeal, stating that loss in jobbing activity may not be speculative if undertaken for the assessee's account, not clients. The Tribunal emphasized the necessity of a reasonable basis for expenditure allocation and directed the assessee to provide evidence. Regarding speculative transactions by a stock exchange member, the Tribunal clarified the need to demonstrate transactions were to mitigate potential losses. The matter was sent back to the Assessing Officer for the assessee to establish jobbing transactions as non-speculative under section 43(5)(c), emphasizing the requirement for objective expense allocation criteria. Case-Laws Income Tax Fri, 11 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238188