Home Highlights February 2013 Year 2013 This

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1. Speculation or non speculation loss (Business Loss) - loss incurred on futures and options (derivative transactions) - Section 43(5)(d) of the Act should have to be...

2. Loss on account of Mark to Market - Speculation or non speculation loss - the gross total income mainly consists of income from house property, income from capital...

3. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

4. Losses in speculation business - Tribunal have to decide whether principle business of the assessee is of granting of loans and advances or dealing in shares and...

5. Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

6. Disallowance of loss on sale of shares of associated concern - speculation loss - only the loss resulting from the activity of sale and purchase of shares of other...

7. Nature of loss from purchase and sale of share - speculation or non speculation loss - ITAT held that deployment of funds in the instant case is more in the business of...

8. Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

9. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

10. Business loss or speculation loss - Explanation to Section 73 of the Act is not applicable. Hence, the share loss cannot be deemed to be loss from speculation business...

11. Disallowance of set-off loss on derivative trading - can not be held as loss from speculation business, simply because procedural mechanism has taken a long time to...

12. The loss incurred in share trading business by such companies, i.e. like the assessee, will not be treated as speculation business loss but normal business loss, and...

13. Nature of loss - business loss or speculation loss - trading in derivatives i.e. F&O of shares - The contract note clearly revealed that the transactions were supported...

14. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

15. Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...