https://www.taxtmi.com/caselaws?id=60601 The Tribunal ruled in favor of the Income Tax Officer, overturning the Commissioner of Income-tax (Appeals)' decision. The assessee's share losses were treated as speculative losses due to their business losses exceeding dividend income, disqualifying them as an 'investment company' under section 109(ii) of the Income-tax Act, 1961. The departmental appeal was allowed, denying the assessee's classification as an 'investment company' and affirming the treatment of share losses as speculative losses under section 73 of the Act. en-us Mon, 06 Feb 1989 00:00:00 +0530 Fri, 07 Jan 2011 11:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60601 The Tribunal ruled in favor of the Income Tax Officer, overturning the Commissioner of Income-tax (Appeals)' decision. The assessee's share losses were treated as speculative losses due to their business losses exceeding dividend income, disqualifying them as an 'investment company' under section 109(ii) of the Income-tax Act, 1961. The departmental appeal was allowed, denying the assessee's classification as an 'investment company' and affirming the treatment of share losses as speculative losses under section 73 of the Act. Case-Laws Income Tax Mon, 06 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60601