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TMI Blog2019 (1) TMI 1595X X X X Extracts X X X X X X X X Extracts X X X X ..... that the impugned loss does not represent the speculative transaction in pursuance to the provisions of clause (d) of subsection 5 of section 43 of the Act. Accordingly, we do not find any infirmity in the order of the Ld. CIT(A). Hence the ground of appeal of the Revenue is dismissed. - ITA No. 1393/Ahd/2017 - - - Dated:- 1-1-2019 - SHRI MAHAVIR PRASAD, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANt MEMBER For the Appellant : Shri Lalit P. Jain, Sr.D.R For the Respondent : Shri D.K. Parikh, A.R ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the Revenue against the order of the Commissioner of Income Tax (Appeals) 7, Ahmed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. The assessee carried the matter to the Ld. CIT (A) and submitted that all the necessary supporting pieces of evidence were filed before the AO during the assessment proceeding. The assessee also claimed that such loss was accepted as non-speculative by the AO during the assessment proceeding. 6.1 The transactions were carried out electronically on screen based system through the broker namely J.M. Finance Services limited which is recognized with National Stock Exchange. As such the assessee had fulfilled all the conditions as specified u/s. 43(5)(d) of the Act. 6.2 The Ld.CIT (A) after considering the submission of the assessee called for a remand report on the documents filed by it. But the AO failed to provide an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substantiate his claim from documentary evidence during the assessment proceedings. 9.1 However, the Ld. CIT(A) reversed the order of the AO by observing that the assessee duly furnished all the supporting pieces of evidence during the assessment proceedings as well as before him. Accordingly the Ld. CIT(A) reversed the order of the AO. 9.2 At this juncture, we find pertinent to refer to the provisions of section 43(5)(d) of the Act, which reads as under: (5) 32 speculative transaction 33 means a transaction in which a contract 33 for the purchase or sale of any commodity 33, including stocks and shares, is periodically or ultimately settled 33 otherwise than by the actual delivery 33 or transfer of the commo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y remand report to the Ld. CIT(A) despite several reminders issued to him. 9.7 We also note that the assessee vide letter dated 19th February 2015 has furnished the details before the AO as given under: in our case, the F O transactions are carried out electronically on screen based system through a stock broker viz JM financial services private Ltd which are recognised stock brokers with national stock exchange of India Ltd (NSE) and the transactions are supported by our time stamped contract notes. The contract notes and bills/invoices issued by NSE in enclosed herewith 9.8 The AO in his assessment order has referred to the submission filed by the assessee vide letter dated 19th February 2015. The relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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