https://www.taxtmi.com/caselaws?id=349382 The Tribunal upheld the Assessing Officer's classification of income from share transactions as business income due to the high frequency and volume of trades, rejecting the assessee's claim for short-term capital gains treatment. The Tribunal also supported the treatment of jobbing losses as speculative losses and disallowed the carry forward of losses due to late filing. Additionally, the Tribunal upheld the AO's decision to disallow the set-off of brought forward losses against short-term capital gains and did not interfere with the disallowance of Securities Transaction Tax paid against business income. Ultimately, the appeal was dismissed in favor of the tax authority. en-us Mon, 09 Oct 2017 00:00:00 +0530 Thu, 12 Oct 2017 08:21:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349382 The Tribunal upheld the Assessing Officer's classification of income from share transactions as business income due to the high frequency and volume of trades, rejecting the assessee's claim for short-term capital gains treatment. The Tribunal also supported the treatment of jobbing losses as speculative losses and disallowed the carry forward of losses due to late filing. Additionally, the Tribunal upheld the AO's decision to disallow the set-off of brought forward losses against short-term capital gains and did not interfere with the disallowance of Securities Transaction Tax paid against business income. Ultimately, the appeal was dismissed in favor of the tax authority. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349382