M/S AMU SHARES AND SECURITIES LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-4(1)(1), MUMBAI

ITA 4364/MUM/2023Status: DisposedITAT Mumbai26 July 2024AY 2009-10Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the loss on share trading should not be treated as speculation loss. It reasoned that the assessee's gross total income mainly consisted of capital gains, which falls under an exception to Section 73 of the Income Tax Act.

What were the facts?

The assessee declared a total income including a loss from share trading. The Assessing Officer (AO) treated this loss as speculation loss and disallowed its set-off against other income. The CIT(A) confirmed the AO's action.

What were the issues?

Whether the loss incurred on trading of shares can be treated as speculation loss under Section 73 of the Income Tax Act when the assessee's gross total income mainly comprises capital gains?

Which sections of the Income-tax Act were involved?

Section 73

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Income Tax Appellate Tribunal, ‘A‘ BENCH

For Appellant: Shri B.V. Jhaveri
For Respondent: Shri Manoj Kumar Sinha
Hearing: 24/04/2024Pronounced: 26/07/2024

PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 04/10/2023 passed by NFAC, Delhi for the quantum of assessment passed u/s.143(3) for the A.Y.2009-10. 2. The main issue involved in various grounds of appeal is the treatment of loss and trading of shares of Rs.80,33,000/- while

2 Amu shares and Securities Ltd calculating the gross total income and it remaining the same as speculation loss from deleting in shares in view of explanation to Section 73 of the Act.

3.

The brief facts are that assessee has filed its return of income on 23/09/2009 declaring total income of Rs. 38,48,450/-. The s

The order continues below.

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