https://www.taxtmi.com/caselaws?id=341091 The ITAT Mumbai dismissed the AO's appeal, holding that the assessee's business did not qualify as speculation business under section 73 of the Act. The ITAT emphasized the nature of the assessee as an investment company dealing in shares, distinguishing it from speculation business. The judgment underscored the need to assess the nature of income and business operations before applying relevant provisions, ultimately upholding the FAA's decision and denying the AO's challenge. en-us Wed, 29 Mar 2017 00:00:00 +0530 Sat, 01 Apr 2017 09:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341091 The ITAT Mumbai dismissed the AO's appeal, holding that the assessee's business did not qualify as speculation business under section 73 of the Act. The ITAT emphasized the nature of the assessee as an investment company dealing in shares, distinguishing it from speculation business. The judgment underscored the need to assess the nature of income and business operations before applying relevant provisions, ultimately upholding the FAA's decision and denying the AO's challenge. Case-Laws Income Tax Wed, 29 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341091