that the
loss suffered by the appellant on account of intraday trading in the shares
of Indusind Bank was speculative in nature because the transactions ... subsection (5) of
section 43 of the IT Act because the intraday transaction was not carried
out by the appellant to guard against loss
assessee has
5
L&T Finance Ltd.
derived profit from Intraday share transaction amounting to `
10,77,271, which is to be assessed ... short term
capital gain, except the gain of ` 10,77,271, from intraday
transactions which has to be assessed as business income. The
grounds raised
were withdrawn in ground No. 2; (c) there were transactions of intraday
trading and the assessee has purchased 21 scrips which are bought and
sold ... Rajendra Prasad Moody 115 ITR 519 and it was also
contended that intraday transactions resulting in loss of Rs.7,499/- has no
relevance
loss of Rs.9.04 crores, being in respect of intraday, i.e., non-
delivery based, transactions so that they were speculative by
definition ... against the business income, therefore, the ld. Assessing
Officer held that intraday trading in which no delivery is
taken is a speculation income under section
delete the addition of Rs.32,02,6467- being 5% on
intraday sales without considering that the assessee failed to provide any data with
respect ... speculation loss is correctly arrived at by the assessee
after adjusting intraday purchase and sales.
(vi) The appellant prays that the order
Disha N . Lalwani, Mumbai vs Ito Wd 23(2)(2), Mumbai on 22 March, 2017
Jaswant J Shah, Mumbai vs Asst Cit Cen Cir 32, Mumbai on 8 May, 2017
indulged in voluminous transaction of purchase and sale of
shares. There were intraday transactions as well as purchase end sale of
shares within a very
company was to hold the shares as
investments, and there being no intraday trading of shares, the income
from sale of the same, wherein both ... sale
transactions of shares, viz. period of holding of the scrips, no intraday transactions,
delivery based purchase/sale transactions etc., therein in itself substantially
evidenced
page Nos.6
to 9 of the paper book (after
including intraday and derivative
transactions)
Turnover of sale as worked out 662.09
above
Total
