Speculation Loss ::
Last updated: 11 October 2007
Court :
HC
Brief :
Held by the Hon`ble Court that, under the settlement of the contract damages are paid and no physical delivery, only price difference between sale and purchase is considered. Therefore loss on sale of share is a speculative loss.
Citation :
Bhikamchand Betala and Sons Vs. I.T.O.
Speculation Loss
Bhikamchand Betala and Sons Vs. I.T.O. 08/21/2007 [2007] 294 ITR 10 (Gauhati) Case Fact: Whether, loss on sale of share whose physical delivery not taken by the assessee is speculation loss?
Decision:
Held by the Hon`ble Court that, under the settlement of the contract damages are paid and no physical delivery, only price difference between sale and purchase is considered. Therefore loss on sale of share is a speculative loss.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 50
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