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2016 (10) TMI 500 - BOMBAY HIGH COURT

2016 (10) TMI 500 - BOMBAY HIGH COURT - TMI - 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 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 allowed to be set off against business .....

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eculative transaction in view of Section 43(5) 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 ORDER P. C. This appeal under Section 260A of the Income Tax Act, 1961 ( the Act ) challenges the order dated 7 August 2013 passed by the Income Tax Appellate Tribunal ( Tribunal ). The impugned order relate .....

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ent for A.Y. 2006-07 and 2007-08. The Revenue 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 August 2013, even in the absence of challenge to the earlier orders of the Tribunal. 4. The Respondent Assessee had in its Return of Income for A.Y. 2008-09 claimed jobbing loss at ₹ 60.37 lakhs. The .....

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