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2012 (11) TMI 761 - AT - Income TaxCommodity trading loss - Speculation loss or not - allowable as set-off against other heads of income - held that:- As per 43(5)(d): an eligible transaction in respect of trading in derivatives referred to in clause (ac) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognized stock exchange shall not be deemed to be a speculative transaction and there is no requirement to refer the matter to Hon'ble President, ITAT for constitution of a Special bench as issue is decided in favour of the assessee by respectfully following the Tribunal decision rendered in the case of [Tejas K. Shah vs ITO 2010 (9) TMI 905 - ITAT AHMEDABAD] - In the result, appeal of the revenue is dismissed and ground of assessee has become infructuous as set off of loss is already allowed and, therefore, there is no case of any increase in tax liability.
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