https://www.taxtmi.com/caselaws?id=287232 The appeal against the Revision Order u/s 263 of the Act was dismissed as withdrawn due to a belated filing and subsequent withdrawal by the appellant. However, the appeal against the Fresh Assessment Order u/s 263 r.w.s. 143(3) of the Act was partly allowed. The Tribunal ruled in favor of the appellant, determining that losses from Futures and Options trading activity should be treated as business losses eligible for set-off against business income, based on the retrospective amendment to the Finance Act, 2005. The appellant's grounds related to the treatment of losses were upheld, leading to the partial allowance of the appeal against the Fresh Assessment Order. en-us Wed, 21 Aug 2019 00:00:00 +0530 Sat, 04 Apr 2020 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287232 The appeal against the Revision Order u/s 263 of the Act was dismissed as withdrawn due to a belated filing and subsequent withdrawal by the appellant. However, the appeal against the Fresh Assessment Order u/s 263 r.w.s. 143(3) of the Act was partly allowed. The Tribunal ruled in favor of the appellant, determining that losses from Futures and Options trading activity should be treated as business losses eligible for set-off against business income, based on the retrospective amendment to the Finance Act, 2005. The appellant's grounds related to the treatment of losses were upheld, leading to the partial allowance of the appeal against the Fresh Assessment Order. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287232