TMI Blog2019 (7) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... the NSE hence appellant was covered u/s 43(5)(d) - Tribunal upheld the order HELD THAT:- There is a concurrent finding recorded by the two Revenue authorities as regards the loss sustained by the assessee fulfilling all the conditions, as specified under Section 43(5)(d). Essentially, this appeal is more on facts rather than on any substantial question of law. In view of concurrent finding of fact recorded by the two Revenue authorities, we would not like to disturb the same. - appeal fails and is hereby dismissed. - R/TAX APPEAL NO. 341 of 2019 - - - Dated:- 9-7-2019 - MR J. B. PARDIWALA AND MR A. C. RAO, JJ. For The Appellant (s) : MRS MAUNA M BHATT (174) For The Opponent (s) : None ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer treated the loss of ₹ 3,66,76,119/as speculative in nature. 4 The assessee, being dissatisfied, carried the matter before the CIT (Appeals) in appeal. The CIT (Appeals), while allowing the appeal preferred by the assessee, held as under: 6.2 I have considered the assessemnt order, fats of the case and the submissions made by the appellant. During the appellant proceedings, it was claimed by the appellant that all necessary evidences in respect of establishing how its case was covered under clause (d) of Section 43(5) were submitted to the AO during the assessment proceedings. It was seen from the submissions made that the contention of the appellant was correct and all nece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were carried out electronically on a screen based system through a registered stock broker namely JM Financial Services Pvt Ltd which is registered with the National Park Exchange of India. It is also seen that these transactions are supported by time stamped contract notes. The appellant has submitted copies of these contract notes and bills and invoices issued by the NSE. Considering the above facts, I am of the opinion that the case of the appellant was covered under clause (d) of Section 43(5) of the Act and therefore the disallowance made by the AO by invoking Section 43(5) of the Act is deleted. Ground of appeal No.3 is allowed. 5 The Revenue, being dissatisfied with the order passed by the CIT (Appeals) preferred f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the actual delivery or transfer of the commodity or scrips Provided that for the purposes of this clause Page xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx [( d) an eligible transaction in respect of trading in derivatives referred to in clause [(ac)] of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognised stock exchange,] shall not be deemed to be a speculative transaction 9.3 As per the above provisions, the transaction in derivative will not be treated as speculative if it fulfills the following conditions: 1. The transactions carried out electronically on screen based system. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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