https://www.taxtmi.com/caselaws?id=325680 The ITAT Mumbai ruled in favor of the assessee, allowing the set off of losses on share trading against profits from derivatives before applying Explanation to Section 73. The ITAT directed the AO to exclude shares held as stock-in-trade while calculating the disallowance under Rule 8D, leading to partial allowance of both the assessee and revenue appeals. The judgment focused on the treatment of profits, expenses, and disallowances under different sections of the Income Tax Act, applying judicial precedents to resolve the raised issues. en-us Wed, 10 Feb 2016 00:00:00 +0530 Sat, 26 Mar 2016 09:47:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325680 The ITAT Mumbai ruled in favor of the assessee, allowing the set off of losses on share trading against profits from derivatives before applying Explanation to Section 73. The ITAT directed the AO to exclude shares held as stock-in-trade while calculating the disallowance under Rule 8D, leading to partial allowance of both the assessee and revenue appeals. The judgment focused on the treatment of profits, expenses, and disallowances under different sections of the Income Tax Act, applying judicial precedents to resolve the raised issues. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325680