2016 (10) TMI 1146 - SCH - Income Tax

Interpretation of the Explanation to section 73 - Tribunal held that the loss incurred in eligible transactions within the meaning of proviso (d) to section 43(5) not involving any purchase or sale of shares as such was speculation loss ? - HC 2016 (3) TMI 685 - CALCUTTA HIGH COURT has held that the assessee is entitled to have the loss arising out of deemed business set off against the income arising out of business proper unless otherwise provided. We have no difficulty in accepting the views that shares fall squarely within the Explanation to Section 73(4) but we are unable to agree when derivatives are treated at par with the shares because the legislature has treated them differently - Held that - Delay condoned. Leave granted.

Summary

The Supreme Court of India condoned delay and granted leave in the case, tagging it with Civil Appeal No. 284/2014 @ SLP(C) No. 33478/2013. The judges were Mr. Anil R. Dave, Mr. Shiva Kirti Singh, and Mrs. R. Banumathi. The petitioner was represented by Mr. H. Raghavendra Rao, Mr. S.A. Haseeb, and Mrs. Anil Katiyar.