Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Brief facts are that the assessee is a private limited company carrying on business of dealing in shares, operation in share futures and commodity futures. The assessee also advanced unsecured loans to other parties and derived interest income there from. According to assessee, shares purchased and held by assessee are investments yielding surplus on sale thereof treated as long term or short term capital gains. The assessee is maintaining regular books of accounts and audited as per the provisions of Income-tax Act as well as Companies Act. AO, in both the years, discussing the provisions of section 73 but without disclosing the facts of the case, held that the declared trading profit is not speculative profit and treated the same as non-speculative profit disallowing speculation loss. Aggrieved, assessee preferred appeal before the CIT(A), who allowed the claim of assessee in both the assessment years
Citation :
DCIT, Circle-4, Kolkata (APPELLANT) Vs M/s.The Ashoka Trading Co.Pvt. Ltd.,7 Lyons Range, Kol-1 PAN: AABCT 8856D (RESPONDENT)
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