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The Commissioner of Income Tax Versus Shri. Rajan C. Sheth

2016 (10) TMI 500 - BOMBAY HIGH COURT

Activity of jobbing entered into - whether is not a speculative transaction within the meaning of Section 43(5)(c) of the Act? - Held that:- In view of the clear provision as found in Section 43(5) proviso (c) of the Act, the jobbing activity done to .....

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ween the parties that the transactions entered into by the Respondent Assessee are in fact jobbing transactions. The provisions of Section 43(5) proviso (c) of the Act are very clear in excluding jobbing activity done to guard against loss from the a .....

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proviso (c) of the Act. No substantial question of law - Income Tax Appeal No. 448 of 2014 - Dated:- 7-9-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. Suresh Kumar a/w. Ms. Samiksha Kanani, for the Appellant Mr. Atul Jasani, for the Respondent ORD .....

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rges following question of law for our consideration : Whether on the facts and circumstances of the case the Tribunal was justified in holding that the activity of jobbing entered into by the Respondent Assessee is not a speculative transaction with .....

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did not challenge the order of the Tribunal for A.Y. 2006-07 and 2007-08 before this Court in view of the low tax effect as stated in Para 7.4 of the appeal memo. Thus in these facts it is open to the Revenue to challenge the impugned order dated 7 A .....

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ss on account of jobbing activity was a speculative loss not covered by the exception in Section 43(5) of the Act. Thus the loss was not allowed to be set off but allowed to be carried forward as a speculation loss. 5. Being aggrieved, the Assessee c .....

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y falls within the exception to speculative transaction as provided in Section 43(5) proviso (c) of the Act. 6. Being aggrieved the Revenue carried the issue in appeal to the Tribunal. The Tribunal by the impugned order dated 7 August 2013 dismissed .....

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as found in Section 43(5) proviso (c) of the Act, the jobbing activity done to guard against business loss could not be considered as a speculative transaction. Thus loss on account of ₹ 60.37 lakhs claimed by the Respondent Assessee was allowe .....

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