2012 (2) TMI 411

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....e of the Revenue in this appeal is that the learned Commissioner of Income-tax (Appeals) erred in deleting the addition of Rs. 24,06,208 made by the Assessing Officer by disallowing the loss out of share transaction and treating the same as speculation loss and not allowing set off against other heads of income. We have heard the rival submissions and perused the orders of the lower authorities and materials available on record. In the instant case, the assessee is a medical practitioner running an ultra sound scan centre at Kanchipuram. The assessee filed her return of income for the assessment year 2008-09 on October 16, 2008 showing income of Rs. 9,65,200. The Assessing Officer assessed the same at Rs. 68,89,899 in an assessment frame....

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....,208 as a business loss against other heads of business or professional income. We find that in the instant case, the assessee suffered loss of Rs.24,06,208 on dealing in shares. Genuineness of the above loss is not in dispute. According to the Assessing Officer, as the transactions were carried out through an agent namely Religare Securities Ltd. and purchases and sales were done by Religare Securities Ltd. on behalf of the assessee and the end result was a loss, he treated the said share transactions as speculative transactions. On the other hand, the learned Commissioner of Income-tax (Appeals) found that the transactions of shares were done on delivery basis and further viewed that in view of the provisions of section 43(5)(d), th....