https://www.taxtmi.com/caselaws?id=380875 The Tribunal allowed the assessee's appeal, ruling that the Explanation to Section 73 of the Income Tax Act did not apply as the assessee's gross total income did not primarily consist of business income, and it was not involved in banking or granting loans and advances. Therefore, the losses from share trading were classified as capital losses rather than speculative business losses. The Tribunal also permitted the carry forward of speculative business losses for set-off against future speculative income. en-us Tue, 28 May 2019 00:00:00 +0530 Wed, 29 May 2019 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380875 The Tribunal allowed the assessee's appeal, ruling that the Explanation to Section 73 of the Income Tax Act did not apply as the assessee's gross total income did not primarily consist of business income, and it was not involved in banking or granting loans and advances. Therefore, the losses from share trading were classified as capital losses rather than speculative business losses. The Tribunal also permitted the carry forward of speculative business losses for set-off against future speculative income. Case-Laws Income Tax Tue, 28 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380875