Setoff of Speculation loss
This query is : Open
25 February 2011
hi,
i want to know that,
i have speculation loss on sale of share which i want to adjust against profit on sale of commodities in future & option market.
can i get set off, is any case law available in this regards.
i want to know that,
i have speculation loss on sale of share which i want to adjust against profit on sale of commodities in future & option market.
can i get set off, is any case law available in this regards.
25 February 2011
Yes u can set off
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25 February 2011
any case law for this is available sir.
25 February 2011
F&O transactions are not speculative transactions and thus, the income from such transactions cannot be set off against the speculation loss.
CASE LAW DETAILS
Decided by: ITAT, `E’ BENCH, MUMBAI, In The case of: ACIT v. Shreegopal Purohit, Appeal No.: ITA NO. 5666/M/2007, Decided on: June 30, 2009
CASE LAW DETAILS
Decided by: ITAT, `E’ BENCH, MUMBAI, In The case of: ACIT v. Shreegopal Purohit, Appeal No.: ITA NO. 5666/M/2007, Decided on: June 30, 2009
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