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2015 (6) TMI 124 - AT - Income TaxLoss incurred on trading in futures & options on MCX - speculation loss OR business loss - Benefit of Section 43 - Held that:- For the transactions, which were under consideration in that case, were held to be not of speculative nature under the provisions of clause (d) of the proviso to Section 43(5) of the Act and the said case relates to assessment year 2007-08. The transactions entered into by the assessee after insertion of clause (d) of the proviso to Section 43(5), were held to be of non-speculative nature as there was a provision on the statute. However, in the present case, when the assessee carried out these transactions, there was no existing provision in the statute in the shape of clause (e) of the proviso to Section 43(5). In the case of CIT Vs. Nasa Finelease Pvt. Ltd. (2013 (9) TMI 733 - DELHI HIGH COURT), the case relates to proviso (d) to sub-section 5 of Section 43 of the Act and the said insertion was made by the Finance Act, 2005 and the National Stock Exchange and Bombay Stock Exchange, through which the assessee in that case had carried out the transaction were notified on 25th January, 2006. It was the case of the assessee that the transaction conducted by it from July 2005 to September, 2005, cannot be rejected for the benefit of proviso (d) to sub-section 5 of Section 43(5) as there was a provision on the statute in the shape of clause (d). The lapse in the issue of notification etc. was only on account of delay by CBDT. It is in these circumstances, the Hon’ble High Court has upheld the order of the Tribunal vide which the relief was given to the assessee. Thus, in that case, there was a provision on the statute under which the assessee sought the benefit. However, in the present case, as mentioned earlier, provisions of clause (e) of the proviso to Section 43(5) did not exist during the period when the assessee carried out the transactions. Thus the assessee is not entitled to claim the benefit of clause (e) of the proviso to Section 43(5) of the Act - Decided against assessee.
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