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TMI Blog2010 (2) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... CE SIDDHARTH MRIDUL 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporter or not? 3. Whether the judgment should be reported in Digest? BADAR DURREZ AHMED, J (ORAL) 1. This appeal by the revenue is directed against the Income Tax Appellate Tribunal‟s order dated 19.02.2009 passed in ITA 628/D/2005 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of price difference on the basis of a wash out contract for palm fatty acid distillate. Both the Assessing Officer as well as the Commissioner of Income Tax (Appeals) found the said transactions to fall within the definition of "speculative transaction" as defined in Section 43(5) of the said Act and not amounting to payments on breach of contract. 3. The Tribunal, however, had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said transactions did not fall within the definition of speculative transaction as defined in Section 43(5) of the said Act do not call for any interference. 5. Be that as it may, even if we assume for the sake of argument that the said transactions amounted to speculative transactions as defined in Section 43(5), the same would be of no help to the revenue inasmuch as Section 43(5) is merely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er alia, held as under:- "On a careful reading of the provisions of sections 72 and 73, Explanation 2 to section 28 of the Act, it is abundantly clear that all these provisions are applicable only to treatment of profits and losses from a "speculation business". There is a perceptible difference between "speculative transaction" and "speculation business". An isolate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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