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TMI Blog2016 (10) TMI 500X X X X Extracts X X X X X X X X Extracts X X X X ..... considered as a speculative transaction. Thus loss on account of ₹ 60.37 lakhs claimed by the Respondent Assessee was allowed to be set off against business profits. We find that there is no dispute between the parties that the transactions entered into by the Respondent Assessee are in fact jobbing transactions. The provisions of Section 43(5) proviso (c) of the Act are very clear in exclud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 2008-09. 2. The Revenue urges following question of law for our consideration : Whether on the facts and circumstances of the case the Tribunal was justified in holding that the activity of jobbing entered into by the Respondent Assessee is not a speculative transaction within the meaning of Section 43(5)(c) of the Act? 3. We find that by the impugned order dated 7 August 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set off but allowed to be carried forward as a speculation loss. 5. Being aggrieved, the Assessee carried the issue in appeal to the Commissioner of Income-tax (Appeals) (CIT(A)). By order dated 24 July 2012 the CIT(A) allowed the appeal. This on the ground that a jobbing transaction would not be deemed to be a speculative transaction as it clearly falls within the exception to speculative tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies that the transactions entered into by the Respondent Assessee are in fact jobbing transactions. The provisions of Section 43(5) proviso (c) of the Act are very clear in excluding jobbing activity done to guard against loss from the ambit of speculative loss. It is a self-evident position on reading of Section 43(5) proviso (c) of the Act. Therefore jobbing transactions in the present facts wou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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