https://www.taxtmi.com/caselaws?id=327288 Units of mutual funds and bonds were held not to be shares for section 73 of the Income-tax Act because no statutory deeming fiction equated them with shares. The earlier Supreme Court ruling was distinguished: although it treated the Unit Trust of India as a deemed company and income from units as deemed dividend, it did not deem the units themselves to be shares. As the revenue's reliance on derivative case law did not apply, the loss could not be characterised as speculation loss, and the addition was unsustainable in favour of the assessee. en-us Mon, 25 Apr 2016 00:00:00 +0530 Thu, 01 Sep 2016 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327288 Units of mutual funds and bonds were held not to be shares for section 73 of the Income-tax Act because no statutory deeming fiction equated them with shares. The earlier Supreme Court ruling was distinguished: although it treated the Unit Trust of India as a deemed company and income from units as deemed dividend, it did not deem the units themselves to be shares. As the revenue's reliance on derivative case law did not apply, the loss could not be characterised as speculation loss, and the addition was unsustainable in favour of the assessee. Case-Laws Income Tax Mon, 25 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327288