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2003 (1) TMI 84 - HC - Income Tax"A. Whether the Income-tax Appellate Tribunal was right in holding that loss of Rs. 10,05,740 on account of sale of shares is a hedging loss and is not a speculative loss as held by the Assessing Officer? - B. Whether the Income-tax Appellate Tribunal was right in not appreciating that the transaction related to speculative loss as covered under section 43 of the Act? - C. Whether the order of the Income-tax Appellate Tribunal in holding that Rs. 10,05,740 is a business loss, is perverse and has ignored the fact that actual delivery of the shares was not taken by the assessee? - D. Whether the Income-tax Appellate Tribunal has correctly interpreted applied section 43(5), Explanation 2 to sections 28 and 73 of the Income-tax Act, 1961, and correctly held that the loss of Rs. 10,05,740 is not on account of speculative transaction of business?" - In the present case the two appellate authorities have recorded concurrent findings of fact about the existence of the contract between the parties and the intention of the parties to enter into the transaction, namely, to guard against loss in the holding of stocks and shares through future price fluctuations. - order of the Tribunal does not give rise to any question of law, much less a substantial question of law.
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