https://www.taxtmi.com/caselaws?id=400690 The Tribunal allowed the appeals, directing the AO to treat losses from trading in equity shares as business losses, permitting their set off against the professional income of the assessees. The Tribunal found the transactions were based on actual delivery of shares, not speculative, in line with section 43(5) of the Act. Despite delays due to Covid-19, the Tribunal justified its decision based on extraordinary circumstances and a similar case decision. The assessees' appeals were partly allowed, emphasizing the non-speculative nature of the transactions and eligibility for set off against professional income. en-us Wed, 08 Jul 2020 00:00:00 +0530 Fri, 13 Nov 2020 20:48:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400690 The Tribunal allowed the appeals, directing the AO to treat losses from trading in equity shares as business losses, permitting their set off against the professional income of the assessees. The Tribunal found the transactions were based on actual delivery of shares, not speculative, in line with section 43(5) of the Act. Despite delays due to Covid-19, the Tribunal justified its decision based on extraordinary circumstances and a similar case decision. The assessees' appeals were partly allowed, emphasizing the non-speculative nature of the transactions and eligibility for set off against professional income. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400690