2019 (11) TMI 1339

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....A. L. SAINI, AM: Since there was a difference of opinion between the ld. Members constituting the Division Bench of ITAT, Kolkata with regard to the following questions, the matter was referred to Third Member u/s 255(4) of the I.T. Act for his opinion: 1. Whether the loss incurred on purchase and sale of shares in respect of delivery based transactions could be construed as speculatio....

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....ess of purchase and sale of shares, whether such trading is delivery based or non-delivery based, whether there is profit or loss from such business. In the present case, the assessee-company has treated the entire activity of purchase and sale of shares, which comprised of both the delivery based and non-delivery based trading as one composite business and accordingly claimed set off of the loss ....