https://www.taxtmi.com/caselaws?id=331953 The court ruled that the allotment of shares in a Public Issue does not constitute a purchase under Explanation to Section 73 of the Income Tax Act. Consequently, the sale of such shares does not amount to speculation business. The penalty under Section 271(1)(c) was deemed inapplicable. The judgment in ITA No. 2358/Ahd/2004 was quashed, and the judgment in ITA No. 388/Ahd/2007 was confirmed. Tax Appeal No. 957 of 2006 was allowed, and Tax Appeal No. 1644 of 2008 was dismissed. en-us Tue, 02 Aug 2016 00:00:00 +0530 Sat, 13 May 2017 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331953 The court ruled that the allotment of shares in a Public Issue does not constitute a purchase under Explanation to Section 73 of the Income Tax Act. Consequently, the sale of such shares does not amount to speculation business. The penalty under Section 271(1)(c) was deemed inapplicable. The judgment in ITA No. 2358/Ahd/2004 was quashed, and the judgment in ITA No. 388/Ahd/2007 was confirmed. Tax Appeal No. 957 of 2006 was allowed, and Tax Appeal No. 1644 of 2008 was dismissed. Case-Laws Income Tax Tue, 02 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331953