Set off losses

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shivam (Querist)
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18 December 2015 there is firm of mine named ABC nature of business - purchases shares of Pvt Ltd Co only transaction of sale/ purchase of Pvt Ltd Co shares takes place till Mar'2015. shares are shown as Stock in books and are valued at cost/ mkt price whichever is lower (hence PGBP) firm incurred huge losses in Mar'15 due to liquidation of one of Pvt Ltd Co so we decided to enter into manufacturing business as well (nature of firm business remains same plus we added another business line) my question is if I can carry forward losses incurred by firm from those shares and setoff such losses against the profit of manufacturing business.

CA RAKESH KUMAR THAKUR

CA RAKESH KUMAR THAKUR (Expert)
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18 December 2015 Loss on Speculative Business can only be setoff to Speculative income. so you Can't.

shivam

shivam (Querist)
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19 December 2015 yes that I know but its not speculative as in speculative transaction actual delivery of securities dose not takes place but in my case we have purchased shares of private company, in which actual delivery takes place so if I am correct or not let me know

shivam

shivam (Querist)
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24 December 2015 please reply

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