TMI Blog1993 (4) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee by the Appellate Tribunal under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding the loss of Rs. 59,678 resulting from share transactions as speculation loss and not a loss arising from business as claimed by the assessee ?" The assessee is an individual. The assessment relates to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n' means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips. " In other words, a transaction, can be regarded as a speculative transaction, if the following conditions are satisfied : (i) There must be a contract for the purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsactions were completed as sales, that there was nothing to suggest that delivery of shares had been obtained by Messrs. Jhunjhunwala on behalf of the assessee, that there was no evidence that shares were delivered to the assessee, that even assuming that payment was made on April 9, 1981, and delivery was effected on the same day to the assessee, there was no evidence to show that payment was ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entative to the vendee. However, he contended that no receipt could be obtained and, therefore, no evidence could be produced to prove evidence to prove delivery. Under section 43(5) of the Act, the statutory authority has to satisfy itself that there was actual delivery or transfer of the shares. The assessee must be able to place materials before the statutory authority to show actual delivery ; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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