https://www.taxtmi.com/caselaws?id=182470 The Tribunal ruled in favor of the assessee, holding that the Explanation to Section 73 of the Income Tax Act did not apply as there was no sale of shares, only purchase. The shares were correctly classified as stock-in-trade, and the interest expenditure was deemed a business deduction, not speculation loss. The Tribunal allowed the appeal, deleting the addition of Rs. 1,49,01,871 to the declared income, emphasizing the necessity of both purchase and sale of shares for the Explanation to Section 73 to be applicable. en-us Tue, 10 Apr 2007 00:00:00 +0530 Wed, 11 May 2016 17:28:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182470 The Tribunal ruled in favor of the assessee, holding that the Explanation to Section 73 of the Income Tax Act did not apply as there was no sale of shares, only purchase. The shares were correctly classified as stock-in-trade, and the interest expenditure was deemed a business deduction, not speculation loss. The Tribunal allowed the appeal, deleting the addition of Rs. 1,49,01,871 to the declared income, emphasizing the necessity of both purchase and sale of shares for the Explanation to Section 73 to be applicable. Case-Laws Income Tax Tue, 10 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182470