https://www.taxtmi.com/caselaws?id=186084 The High Court upheld the Tribunal's decision, classifying losses from share transactions as speculation losses under the Explanation to Section 73 of the Income Tax Act. The Court agreed with the revenue's stance that the deeming fiction in the Explanation applies, regardless of actual delivery of shares. Emphasizing legislative intent, the Court ruled in favor of the revenue, dismissing the appeal and affirming that both business loss and valuation loss should be treated as speculation loss. en-us Wed, 29 Jun 2016 00:00:00 +0530 Sat, 13 May 2017 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186084 The High Court upheld the Tribunal's decision, classifying losses from share transactions as speculation losses under the Explanation to Section 73 of the Income Tax Act. The Court agreed with the revenue's stance that the deeming fiction in the Explanation applies, regardless of actual delivery of shares. Emphasizing legislative intent, the Court ruled in favor of the revenue, dismissing the appeal and affirming that both business loss and valuation loss should be treated as speculation loss. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186084