Addition made by AO by Treating Loss of Income as Speculation Loss u/s 73 of Income Tax Act : ITAT Directs Re-adjudication [Read Order]

AO - Treating - Loss - Income – Speculation - Loss - ITAT - Directs – Re – adjudication - TAXSCAN

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) directed the assessing officer to re-adjudicate the addition made by treating the loss of income as the speculation loss under section 73 of the Income Tax Act,1961.  Total Securities Ltd, the appellant assessee appealed against the order passed by the Commissioner of Income Tax (Appeals)…

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