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2016 (9) TMI 1436

odity Stock Exchange, which was recognized. Therefore, the same cannot be treated as speculative transaction within the meaning of Section 43(5) of the Act. The transaction made in derivatives through Multi Commodities Stock Exchange was exempted under proviso (d) to Section 43(5) of the Act. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and acc .....

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, the assessee traded in Multi Commodity Exchange. The assessee claimed that the transaction is only a business transaction. Referring to Section 43(5) of the Income-tax Act, 1961 (in short 'the Act'), the Ld. D.R. submitted that the assessee could not produce necessary material before the Assessing Officer to prove that the transaction was carried out through Multi Commodity Stock Exchang .....

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. Referring to the order of the CIT(Appeals), the Ld. D.R. submitted that the CIT(Appeals) by referring to the Notification dated 22.05.2009, found that the derivative is a financial instrument whose value depends upon the value of other underlying financial instrument which requires no initial net investment or little initial net investment that would be settled at a future date, therefore, Expla .....

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ection 73(4) is not applicable at all. 5. We have considered the rival submissions on either side and perused the relevant material available on record. In this case, the assessee is trading in derivatives in the Multi Commodity Stock Exchange, which was recognized. Therefore, the same cannot be treated as speculative transaction within the meaning of Section 43(5) of the Act. In other words, the .....

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