Speculative loss not eligible for set off against Non-Speculation Business Income: ITAT

Speculative loss - eligible for set off against Non - Speculation Business Income - ITAT - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the speculative losses are not eligible for set off against the non-speculation business income. The assessee e-filed the return of income declaring a total loss of Rs.25,50,57,463/-. The return of income filed by the assessee was selected for scrutiny and statutory notices were…

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