NDLI: Snowtex Investment Limited Vs. Principal Commissioner of Income Tax, Central-2, Kolkata

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	trading in shares loss Income Tax Act 1961 ss.43(5)(d) setting off 73
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Income Tax Act, 1961 (43 of 1961)
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Income Tax Act, 1961: ss.43(5)(d), 73 – Assessment year 2008- 2009 – Assessee-NBFC having sole business of share trading – Transacting in future and options – Whether the speculation loss is capable of set off against the profits of trading in future and options – Held: The loss which occurred to the assessee as a result of its activity of trading in shares (a loss arising from the business of speculation) is not capable of being set off against the profits which it has earned against the business of futures and options since the latter would not constitute profits and gains of a speculative business – Finance Act, 2005. Income Tax Act, 1961: s.73 – Amended provisions brought on the statute book after the assessment year in question – Whether retrospective in nature – Held: The Parliament amended s.43(5) with effect from 1 April 2006 in relation to the business of trading in derivatives – However, in respect of trading in shares, Parliament brought about a specific amendment in the Explanation to s.73 with effect from 1 April 2015 – The latter amendment was intended to take effect from the date stipulated by Parliament – There is no reason to hold that it was clarificatory or that the intent of Parliament was to give it retrospective effect.
Judge	Hon'ble Dr. Justice D.Y. Chandrachud
Neutral Citation	2019 INSC 593
Petitioner	Snowtex Investment Limited
Respondent	Principal Commissioner Of Income Tax, Central-2, Kolkata
SCR	[2019] 8 S.C.R. 687
Judgement Date	2019-04-30
Case Number	4483

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