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2019 (10) TMI 640 - HC - Income TaxLoss incurred by the assessee in futures and options i.e. derivatives - speculative transaction - Whether the deeming fiction as per Explanation below section 73(4) of the Act in treating business of sale and purchase of share as speculative transaction can be extended to include business of buying and selling of futures and options? - HELD THAT:- The Tribunal has held in favour of the Revenue by placing reliance on the decision of this Court in Commissioner of Income-tax, Delhi-IV Vs. DLF Commercial Developers Ltd. [2013 (7) TMI 334 - DELHI HIGH COURT] Appellant does not dispute the fact that the aforesaid decision covers the questions of law raised by the appellant. He, however, submits that a special leave petition is pending before the Supreme Court from the decision of this Court in DLF Commercial Developers Ltd. [2013 (11) TMI 1759 - SC ORDER] wherein leave has been granted. He, further, submits that the issue is covered in favour of the appellant by several other decisions of the Calcutta High Court, the Madras High Court, the Gujarat High Court and the Bombay High Court. This submission is, however, disputed by learned senior standing counsel for the respondent/ Revenue. In any event, since this Court has already answered the questions of law raised by the appellant in DLF Commercial Developers Ltd. (supra), we are not inclined to hear this appeal.
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