https://www.taxtmi.com/caselaws?id=55100 The Explanation to section 73 is a deeming provision that applies according to its plain language and is not confined to tax-avoidance devices; external aids such as circulars or objects cannot narrow an unambiguous fiscal provision. Shares acquired by allotment in a public issue are also within the expression "purchase and sale of shares" because acquisition for consideration constitutes purchase in the ordinary sense, and the statutory focus is on the company's share-dealing business. On that basis, the loss from sale of such shares was treated as speculation business under the deeming fiction, and the assessee's appeal failed. en-us Fri, 24 Mar 2006 00:00:00 +0530 Mon, 04 Mar 2024 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55100 The Explanation to section 73 is a deeming provision that applies according to its plain language and is not confined to tax-avoidance devices; external aids such as circulars or objects cannot narrow an unambiguous fiscal provision. Shares acquired by allotment in a public issue are also within the expression "purchase and sale of shares" because acquisition for consideration constitutes purchase in the ordinary sense, and the statutory focus is on the company's share-dealing business. On that basis, the loss from sale of such shares was treated as speculation business under the deeming fiction, and the assessee's appeal failed. Case-Laws Income Tax Fri, 24 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55100