Whether the assessee's loss on account of intraday
trading in shares, is truly speculative in nature and liable to be
treated as such ... ITAT took into consideration the
assessee's explanation that certain intraday transactions - broadly described
as "clearing differences", were held over
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
been paid. It was
clarified that the income received on intraday transaction had been shown as
income from other sources by treating the same
market and
F & 0 market.
8. The assessee is also into intraday t rading activit y, on
which it has made a profit
since 22.04.2005 and was involved in speculative transactions and executed intraday day trading, i.e. buying and selling of the securities on the same
noticed that the assessee has
indulged in the intraday transactions and hence resultant profit should be
considered as speculative profit. However, the AO treated ... transaction. The very fact that the assessee has been indulging in
intraday transaction, i.e., purchase and sale of shares on the very same
term capital gain, the CIT(A) noticed that so far as the intraday trading in
shares and futures and options are concerned the same
market rates, which were
shown to be fluctuating constantly, including on the intraday basis,
where as the sales are recorded at uniform price and most
purchasing scrips after having
sold his earlier holdings,with a few intraday sales as well in the cases of Atlanta (purchase
within 7 days
speculation loss of Rs.10,32,009/-, recovery
of intraday losses / speculation losses from various constituents and clients to the
extent
