related to sec 73b

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MANOHAR (AIR 22 IN PCC)

MANOHAR (AIR 22 IN PCC) (Querist)
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10 September 2008 speculation business in cases of company assess

MANOHAR (AIR 22 IN PCC)

MANOHAR (AIR 22 IN PCC) (Querist)
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10 September 2008 can company show share trading as a normal business regarding sec 73 b

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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22 September 2008 Where any part of the business of a company (63[other than a company whose gross total income consists mainly of income which is chargeable under the heads “Interest on securities”, “Income from house property”, “Capital gains” and “Income from other sources”], or a company the principal business of which is the business of banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.]

MANOHAR (AIR 22 IN PCC)

MANOHAR (AIR 22 IN PCC) (Querist)
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04 October 2008 sir i know this but kindly tell me that if a company is doing business of purchasing and selling share then it will be considered a speculative business or not. have u any eg. of that

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