https://www.taxtmi.com/caselaws?id=305436 The Tribunal held that the amendment to the Explanation to section 73 by the Finance Act (No. 2), 2014, was clarificatory and applied retrospectively from the date of insertion. Citing the Supreme Court's decision in another case, the Tribunal allowed the set off of deemed speculative loss against the business income of the assessee, considering their principal business was trading in shares. The arguments regarding the initiation of proceedings under section 263 and the principle of judicial discipline were rejected. The appeal was partly allowed, and the order was pronounced on September 26, 2018. en-us Wed, 26 Sep 2018 00:00:00 +0530 Sun, 04 Dec 2022 18:20:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305436 The Tribunal held that the amendment to the Explanation to section 73 by the Finance Act (No. 2), 2014, was clarificatory and applied retrospectively from the date of insertion. Citing the Supreme Court's decision in another case, the Tribunal allowed the set off of deemed speculative loss against the business income of the assessee, considering their principal business was trading in shares. The arguments regarding the initiation of proceedings under section 263 and the principle of judicial discipline were rejected. The appeal was partly allowed, and the order was pronounced on September 26, 2018. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305436