https://www.taxtmi.com/caselaws?id=392903 The Court dismissed the Revenue's appeal regarding the classification of a loss claimed by the assessee as speculation loss. The Court upheld the decision that the loss was a deductible business loss, not a speculation loss. It was determined that the transactions in shares and futures did not meet the criteria for speculation under the Income Tax Act. The Court found that the Revenue's addition of the loss as speculation loss was erroneous, and the appeal was ultimately dismissed in favor of the assessee. en-us Mon, 20 Jan 2020 00:00:00 +0530 Wed, 03 Mar 2021 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392903 The Court dismissed the Revenue's appeal regarding the classification of a loss claimed by the assessee as speculation loss. The Court upheld the decision that the loss was a deductible business loss, not a speculation loss. It was determined that the transactions in shares and futures did not meet the criteria for speculation under the Income Tax Act. The Court found that the Revenue's addition of the loss as speculation loss was erroneous, and the appeal was ultimately dismissed in favor of the assessee. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392903