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2017 (8) TMI 1316 - HC - Income TaxAmendment of clause (d) of proviso to Section 43(5) retrospectivity which excludes derivative transactions from the definition of speculation transaction - Nature of loss - Held that:- Coming to issue No.1 raised by the court where Section 43(5)(d) is applicable retrospectively or not, without entering into the merits of the case, in view of the observations made by Madras High court in the case of CIT Vs. New Ambadi Estates (P.) Ltd. [2012 (3) TMI 79 - MADRAS HIGH COURT ] the provisions which are referred to speculative transactions, if it is done in the stock exchange shall not be speculative transaction and shall not be made applicable retrospectively. The view taken by Madras High Court will not govern Clause 43(5)(d). In that view of the matter, the issue is required to be answered in favour of the assessee and against the department. Section 50C non applicability on agreement to sale - Held that:- This issue is already decided against the department in the case of Commissioner of Income Tax Vs. Sh. Jatin Haryani [2017 (12) TMI 55 - RAJASTHAN HIGH COURT]wherein held t will not be out of place to mention here that those transactions which are shown as transaction under Section 50C (Explanation-2), even if taken into consideration, the transaction which take place as short term capital gain was in total consideration of the payment after sale and it cannot be assessed. - Decided in favour of the assessee and against the department
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