https://www.taxtmi.com/caselaws?id=427131 The Tribunal ruled in favor of the assessee, a private limited company, in a tax dispute regarding the classification of losses. The Tribunal held that the losses from futures and options (F&O) transactions should be treated as business losses under Section 43(5)(d) as they were conducted in recognized stock exchanges. Additionally, the share trading loss was not deemed speculation loss as the assessee's gross total income mainly comprised income from other sources, falling under exceptions in Explanation to Section 73 of the Income Tax Act, 1961. The Tribunal's decision aligned with precedents set by the Hon'ble Calcutta High Court and the Hon'ble Bombay High Court. en-us Mon, 08 Aug 2022 00:00:00 +0530 Fri, 02 Sep 2022 07:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427131 The Tribunal ruled in favor of the assessee, a private limited company, in a tax dispute regarding the classification of losses. The Tribunal held that the losses from futures and options (F&O) transactions should be treated as business losses under Section 43(5)(d) as they were conducted in recognized stock exchanges. Additionally, the share trading loss was not deemed speculation loss as the assessee's gross total income mainly comprised income from other sources, falling under exceptions in Explanation to Section 73 of the Income Tax Act, 1961. The Tribunal's decision aligned with precedents set by the Hon'ble Calcutta High Court and the Hon'ble Bombay High Court. Case-Laws Income Tax Mon, 08 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427131