Description:
Deeming fiction contained in Explanation to sec.73 not to be invoked merely when there is loss w.r.t. speculative transaction u/s 43(5) carried in by the assessee but it is in relation to the entire activity of purchase and sale of shares whether or not affected by actual delivery.
Dartmour Holdings Pvt.Ltd. vs. ITO(2010) 8 taxmann.com 244 (Mum.)
Source:
1. www.aiftponline.org
2. AIFTP TIMES Volume.No.2 February, 2011.Page No.7.
Our comment:
Which transactions are taxable as speculation if non delivery based transactions are not covered. Not invoking deeming fiction for purchase and sale of shares through actual delivery or not.
