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TMI Blog2016 (5) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case and in law, the Tribunal was justified in confirming th action of the CIT(A) in deleting the addition of Rs. 4,95,13,114/on account of speculation loss?" 3. For the assessment year 2004-05 the respondent-assessee offered its profit/loss from share trading as income from speculation for purpose of Section 73 of the Act and amounts received from mutual funds/bonds as business income. The bifurcation was as under: Particulars Shares Mutual Funds/Bonds Opening Stock Add : Purchases during the year Less : Closing stock Less : Sales Profit/Loss 10,182,418 79,605,105 89,787,523 24,770,128 65,017,395 72,240,362 7,222,967 56,736,083 1,252,428,221 1,309,164,304 220,934,501 1,088,229,803 1,01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lo Tyres Ltd. (supra). In the above decision, the Apex Court held that business of buying and selling of units of Unit Trust of India would not amount to speculation business. Therefore, the addition made by the Assessing Officer of Rs. 4.95 crores was deleted. 6. Being aggrieved, the Revenue carried the issue in appeal to the Tribunal. The impugned order dated 25th April, 2016 of the Tribunal in turn also placed reliance upon the decision of Apex Court in Apollo Tryes Ltd. (supra) and dismissed the Revenue's appeal. 7. Mr. Pinto, the learned counsel appearing for the Revenue in support of the appeal submits that the decision of the Apex Court in Apollo Tyres Ltd. (supra) would have no application to the present facts as it arose in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) the trust shall be deemed to be a company." 9. On the basis of the above provision the Revenue contended that by virtue of the above definition the Unit Trust of India is a deemed company and income from units is also a deemed dividend. Therefore the contention on behalf of the Revenue was even the units have to be considered to be shares covered by Section 73 of the Act. The Apex Court in Apollo Tyres (supra) negatived the above submission on behalf of the Revenue holding that the provisions of UTI Act creates a fiction to make Unit Trust of India a deemed company and the income received on its unit by an assessee to be deemed dividend. However the Court held that there is no deeming provisions for unit to be considered as share. Thus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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