assessee when the assessee has done the share trading in intraday
segment and some of the transactions are delivery based transactions
to the extent ... based. However, the dispute is regarding the turnover in respect of
the intraday transactions carried out by the assessee. The AO has
taken the total
receiving salary, the
assessee admitted income from letting out of property, business
(intraday) trading in shares, commission and interest income. During the
assessment years ... income, which is extracted as under:
AY 2014-15
S. Particulars Intraday Trading Short Term Long Business Exempt income
No. term
1. Turnover
undisclosed income.
5.4, The appellant submitted that he has entered into intraday transaction of shares and on
the same day there was a corresponding purchase ... accepted the contention of the appellant that
only profit out of the intraday transaction should be added. Accordingly, the addition made
assessee himself had added back the loss on F&O and intraday
trading in its computation.
2. Short facts apropos are that assessee, engaged ... trading and ` 1,05,890/- in intraday trades. Assessee itself in his
return of income filed, had considered such losses to be not allowable
under :-
Profit/Loss As Per Books As per Broker Page No.
statement
Intraday(speculation) (12,93,285) (1,05,461) 21B
Delivery (net of stock ... authority are worth to note
''3.4 The sales figures of intraday share transactions was verifiable from the
10DB report but the Assessing Officer
contended by the petitioner
that respondent no. 1 had himself opted for Intraday Trading on 04.01.2008 and as per the
standard procedure respondent ... required to close out his intraday pending positions
by 3 p.m on the trade date itself which he failed to do so without
year
2009. The said feature allows the customers to execute intraday
transactions thereby offering them maximum trading advantages in
terms of limits. The said feature ... catering to a different clientele.
MAX TRADE is used only for online intraday trading in NSE, BSE,
MCX etc. and therefore has a clientele comprising
from speculation business
ITA No. 5845/Del./2014 5
in respect of intraday transactions in shares and as income from business in
respect of trading ... assessee has done huge transactions in shares
and has also done intraday transactions. It is clear from the finding of the
ITA No. 5845
with the observation that
they have taken place due to intraday sale at lower rate to its
associate concern.
3. In reply to the show ... also true that the fluctuations are inter day and not intraday. The gold
and bullion market though fluctuates over a period of time
Securities Services
Ltd.
2. He also suggested that intraday benefits be extended over
and above available collaterals to some selected client,
which resulted in facilitation ... submitted by the applicant that in emails, the Applicant only suggested
that intraday benefits should be extended to some clients as a part
