Hello.. There is one practical query..
Facts of the case:
HUF having business of only Trading in Shares (quoted-unquoted both) and derivatives. Showing huge Speculation Losses from past 4 years. Earning Dividend Income. Paying interest on unssecured loans. In balance sheet the assessee is showing Closing Stock of Shares & Derivatives..
Query:
1) Can we treat closing stock as investment & apply Section 14A??
2) Is this disclosure of closing stock correct??
Note: Please mention the reason for your answer w.r.t. any case law judgement(if any).Its urgent.
Thanks & Regards
Manisha Sharma
