TMI Blog2000 (12) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... a statement of the case and refer the questions of law mentioned in paragraph 3 of the application filed by the applicant. The assessee is a sharebroker and filed his return of income on December 13, 1994. The assessment was completed under section 143(3) of the Income-tax Act, 1961. During the course of assessment proceedings, the Assessing Officer had found that the assessee had at times sett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was entitled to the exception covered by clause (c) of the proviso to section 43(5) of the Income-tax Act, which reads as under : "a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member ; shall not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. ? (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in allowing set-off of the net credit of Rs. 3,47,17,330 with regard to the transactions by the assessee member on the U. P. Stock Exchange trading floor termed as the U. P. Stock Exchange clearing difference with and against the net debit of Rs. 77,33,061 relating to the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the Supreme Court in CIT v. Ramakrishna Deo [1959] 35 ITR 312. It further found that no material was collected at the appellate stage to show that the condition was fulfilled. Learned counsel for the applicant has not shown that there was any material to show that the assessee was not entitled to the exception, referred to above. It may also be noted that the applicant has not sought any q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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