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
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
investment in Bond as the assessee had been settling off the net intraday
accounts only between the buyer and seller ... case of McDowell and Co. Limited Vs.
day. Thus the assessee through intraday off market deals has only
10 ITA Nos. 2807 & 2808
impact tax liabilities.
It is generally done by buying or selling stocks intraday so as to
say consciously incurs a loss and use that
days. In most of the cases, the assessee has done intraday
transactions. From the balance sheet filed by the assessee for
the impugned year placed
issued by
the Commodity Exchange, client code modification is permitted
intraday i.e. on the same day. There is no penalty if the client code
that the appellant had total purchases in
the relevant financial year for intraday and delivery transactions of Rs.
117,20,05,213/- and the corresponding ... shown
by the broker. Additionally, the AO calculated the business income from
intraday transactions in the shares at Rs. 63,82,744/-. It is seen
General Discussion On The Budget For 2018-19 (Discussion Not Concluded). on 7 February, 2018
transaction in derivatives, i.e. Future
& Option, forward contract and intraday transaction. Thus what
should be taxed is the profit derived from these transactions
Speculation Profit, the details of shares are not recorded as
it intraday transaction.
Q. 7 How genuine are these sales and purchases (of shares
