Intra Day Trading in Equity & Trading in Futures & options

This query is : Resolved

Ankit Tantia (Querist)
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12 December 2023 Dear Members,

In one of the Assessment Proceedings for the Assessment Year 2018-19, The Faceless Assessment Unit has considered Income from Intra day Trading in Equity and Income from Trading in Futures & options as Short Term Capital Gain.

The Assessee has considered Income from Intra day Trading in Equity as Speculative Business Income and Income from Trading in Futures & options as Normal Business Income which in my opinion is correct.

Whether the below noted contention of the Assessment Unit is correct ?

Contention :"Since the assessee is an Employee of a PSU, the Profit from Intra day Trading in Equity and Income from Trading in Futures & options is considered as Short Term Capital Gain and hence the same is calculated accordingly"

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 December 2023 The contention of the assessment unit not right. Employee of PSU is not to be considered.

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Ankit Tantia

Ankit Tantia (Querist)
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14 December 2023 Thanks Sir for the reply, but don't know why the assessment unit has given such view....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 December 2023 Go for appeal...
....

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