2012 (2) TMI 411

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..... Appeals) erred in deleting the addition of Rs. 24,06,208 made by the Assessing Officer by disallowing the loss out of share transaction and treating the same as speculation loss and not allowing set off against other heads of income. We have heard the rival submissions and perused the orders of the lower authorities and materials available on record. In the instant case, the assessee is a medical practitioner running an ultra sound scan centre at Kanchipuram. The assessee filed her return of income for the assessment year 2008-09 on October 16, 2008 showing income of Rs. 9,65,200. The Assessing Officer assessed the same at Rs. 68,89,899 in an assessment framed under section 143(3) of the Act on October 8, 2010. The appeal is against the o .....

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..... We find that in the instant case, the assessee suffered loss of Rs.24,06,208 on dealing in shares. Genuineness of the above loss is not in dispute. According to the Assessing Officer, as the transactions were carried out through an agent namely Religare Securities Ltd. and purchases and sales were done by Religare Securities Ltd. on behalf of the assessee and the end result was a loss, he treated the said share transactions as speculative transactions. On the other hand, the learned Commissioner of Income-tax (Appeals) found that the transactions of shares were done on delivery basis and further viewed that in view of the provisions of section 43(5)(d), the transactions were non-speculative transactions. Before us, the Revenue has con .....

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..... The actual delivery might not have been taken place by the assessee herself, but, the actual delivery were given or received by an agent of the assessee. Thus, we do not find any error in the final conclusion of the learned Commissioner of Income-tax (Appeals) that the loss was not a speculative loss within the meaning of section 43(5) of the Act. Therefore, we confirm the order of the learned Commissioner of Income-tax (Appeals) and dismiss the appeal of the Revenue. The cross-objection filed by the assessee is in support of the order of the learned Commissioner of Income-tax (Appeals) and as no ground has been raised in the cross objection challenging the order of the learned Commissioner of Income-tax (Appeals), the cross-objection fi .....

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