2008 (7) TMI 949

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..... nst the order of the CIT(A). 2. The ground No. 1 of the assessee is as under : "On the facts and in the circumstances of the case and in law : 1. The learned CIT(A) erred in confirming the loss claimed by the appellant on F&O transaction as a business loss into a speculation loss. The CIT(A) further erred in holding that amendment of s. 43(5) is not retrospective and hence the benefit of t .....

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..... the assessee. He referred to the relevant portions of the order of the CIT(A) in support of his argument regarding the interpretation of the provision of s. 43(5) of the Act. 4. We have considered the rival submissions. We find that in the case of Dy. CIT vs. SSKI Investors Services (P) Ltd. (supra), the Mumbai Tribunal has held that the dealings in the derivative is a separate kind of transactio .....

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..... "2. The learned CIT(A) erred in confirming the ad hoc disallowance of 1 per cent of total expenses claimed during the year towards estimated expenses incurred on speculative share trading transaction." 7. We have heard the parties. In view of our decision in favour of the assessee with regard to the issue in the ground of appeal No. 1 in the foregoing para of our order, we hold that .....

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