EASYOFFICE
EASYOFFICE

speculation bussiness

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
23 February 2010 a wholesale dealer enter into a contract of purchase with a person and at the same time enter into a contract of sale with other person . later on the person to whom he enter in contract of purchase has not deliver good to him as a result the dealer have to settle the price difference with the seller and has he incur a loss. whether its a speculation loss or not. if not what accounting traetment will be as per income tax act,

24 February 2010 It is not a speculation loss bcz loss is during the course of business. In income tax the whole loss is allowed. so book the loss as business transaction....



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries