Intra Day Trading in Equity & Trading in Futures & options
This query is : Resolved
12 December 2023
Dear Members,
In one of the Assessment Proceedings for the Assessment Year 2018-19, The Faceless Assessment Unit has considered Income from Intra day Trading in Equity and Income from Trading in Futures & options as Short Term Capital Gain.
The Assessee has considered Income from Intra day Trading in Equity as Speculative Business Income and Income from Trading in Futures & options as Normal Business Income which in my opinion is correct.
Whether the below noted contention of the Assessment Unit is correct ?
Contention :"Since the assessee is an Employee of a PSU, the Profit from Intra day Trading in Equity and Income from Trading in Futures & options is considered as Short Term Capital Gain and hence the same is calculated accordingly"
In one of the Assessment Proceedings for the Assessment Year 2018-19, The Faceless Assessment Unit has considered Income from Intra day Trading in Equity and Income from Trading in Futures & options as Short Term Capital Gain.
The Assessee has considered Income from Intra day Trading in Equity as Speculative Business Income and Income from Trading in Futures & options as Normal Business Income which in my opinion is correct.
Whether the below noted contention of the Assessment Unit is correct ?
Contention :"Since the assessee is an Employee of a PSU, the Profit from Intra day Trading in Equity and Income from Trading in Futures & options is considered as Short Term Capital Gain and hence the same is calculated accordingly"
14 December 2023
The contention of the assessment unit not right. Employee of PSU is not to be considered.
Message likes :
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14 December 2023
Thanks Sir for the reply, but don't know why the assessment unit has given such view....
14 December 2023
Go for appeal...
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