Share trading business on own behalf is ‘jobbing’; not speculative in view of proviso to sec. 43(5)

• In normal terminology, share trading business on behalf of oneself is known as jobbing. A transaction carried on by the assessee for sale and purchase of the shares was fully covered by the term 'jobbing' and assessee is entitled for the extension of the benefit of proviso (c) to Section 43(5) of the Act.

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[2014] 41 taxmann.com 363 (Allahabad)

HIGH COURT OF ALLAHABAD

Commissioner of Income-tax

v.

Ram Kishan Gupta