9911796707
TMI Blog2016 (10) TMI 500X X X X Extracts X X X X X X X X Extracts X X X X ..... n 260A of the Income Tax Act, 1961 ("the Act") challenges the order dated 7 August 2013 passed by the Income Tax Appellate Tribunal ("Tribunal"). The impugned order relates to Assessment 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e view that the loss on account of jobbing activity was a speculative loss not covered by the exception in Section 43(5) of the Act. Thus the loss was not allowed to be 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of Rs. 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 excluding jobbing activity done to guard against loss from the ambit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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