Real estate businessman lost Rs 34.21L in F&O trading: Here’s what ITAT did
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The AO invoked the Explanation to Section 73 and consequently refused to allow the loss to be set off against the taxpayer’s regular business income. The assessment relied on the Delhi High Court ruling in CIT v. DLF Commercial Developers Ltd.
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https://timesofindia.indiatimes.com/business/india-business/real-estate-businessman-lost-rs-34-21-lakh-in-fo-trading-taxman-called-it-speculative-but-itat-delhi-allowed-rs-25-09-lakh-as-business-loss-heres-why/articleshow/134251157.cms
