https://www.taxtmi.com/caselaws?id=371082 The appeal was filed by the revenue against the order of Ld. CIT (Appeals) - XII, Kolkata dated 22-07-2014. The assessee, a company engaged in share trading, declared a loss of 68,95,588/- from share trading in the return of income for the year. The Assessing Officer (AO) treated the loss as speculation loss under Explanation to section 73, disallowing the set off against interest and other income. The Ld. CIT (A) allowed the set off of speculation loss against speculative gain, stating that the case was not covered under Explanation to section 73. The Tribunal upheld the CIT (A)'s decision, as the revenue failed to provide any rebuttal to the findings. The appeal of the revenue was dismissed, affirming the orders of the Ld. CIT (A) regarding both issues. en-us Fri, 26 Oct 2018 00:00:00 +0530 Wed, 28 Nov 2018 08:39:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371082 The appeal was filed by the revenue against the order of Ld. CIT (Appeals) - XII, Kolkata dated 22-07-2014. The assessee, a company engaged in share trading, declared a loss of 68,95,588/- from share trading in the return of income for the year. The Assessing Officer (AO) treated the loss as speculation loss under Explanation to section 73, disallowing the set off against interest and other income. The Ld. CIT (A) allowed the set off of speculation loss against speculative gain, stating that the case was not covered under Explanation to section 73. The Tribunal upheld the CIT (A)'s decision, as the revenue failed to provide any rebuttal to the findings. The appeal of the revenue was dismissed, affirming the orders of the Ld. CIT (A) regarding both issues. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371082