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TMI Blog2011 (6) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER SHAMIM YAHYA: AM This appeal by the Revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 04.10.2010 pertaining to assessment year 2007-08. 2. The issue raised is that Ld. Commissioner of Income Tax (Appeals) erred in holding that loss from share transactions by the assessee was not speculation loss in view of the exceptions provided in 3. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of DCIT vs. Venkateswar Investment & Finance (P) Ltd. 93 ITD 177 (KOL) (SB). Ld. Commissioner of Income Tax (Appeals) accordingly, concluded that the exceptions provided in Explanation to Section 73 are applicable to the facts of the case. Hence, the loss arising on account of trading of shares cannot be considered as loss from speculation business. Further, Ld. Commissioner of Income Tax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.] 6.1 The assessee's main contention is that since the business of the assessee is granting of loans, the excep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e totality of facts and circumstances of the case, the advances and the provisions of Explanation to Section 73 were not attracted to the case and, accordingly, the loss incurred in the business of purchase and sale of shares was not to be treated as speculative loss within the meaning of Explanation to Section 73. To decide as to whether the case of an assessee falls in exceptions provided in E ..... X X X X Extracts X X X X X X X X Extracts X X X X
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