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“speculative transaction”

Losses & Set-offSection 43(5)Section 43(5)255 judgments

The decision most relied on for speculative transaction is CIT v. Badridas Gauridu (P) Ltd. (261 ITR 256), cited in 114 judgments on BharatTax.

Leading authorities on speculative transaction

CIT v. Badridas Gauridu (P) Ltd.
261 ITR 256 · 2003 · High Court
114
citing judgments

Losses incurred from foreign exchange forward contracts or derivatives, entered into to hedge currency fluctuations in the course of regular business like exports, are treated as business losses and not as speculative transactions under Section 43(5). Such contracts, when incidental to business and cover exchange rate risks, constitute a business activity.

CIT v. Punjab Stainless Steel Industries
364 ITR 144 · 2014 · Supreme Court
59
citing judgments

The Supreme Court holds that ICAI Guidance Notes and accounting methods prescribed by the Institute of Chartered Accountants of India (ICAI) can be relied upon for computing "turnover," especially for tax audit purposes under Section 44AB and for transactions involving shares and derivatives.

CIT v. Soorajmull Nagarmull
129 ITR 169 · 1981 · High Court
55
citing judgments

Losses from foreign exchange forward contracts, when incidental to an assessee's regular business and undertaken to safeguard business interests, are treated as business losses and not speculative losses under section 43(5).

CIT v. Concord Commercial Pvt. Ltd.
95 ITD 117 · 2005 · ITAT
34
citing judgments

The aggregate of business profits and losses from derivative transactions must be worked out before applying the Explanation to Section 73 of the Income-tax Act, 1961. This means that trading of shares and derivative transactions are not considered speculative transactions under Section 43(5) for the purposes of Sections 28 to 41.

CIT v. Darshan Securities (P) Ltd.
341 ITR 556 · 2012 · High Court
27
citing judgments

A company involved in the purchase and sale of shares is deemed to be carrying on a speculative business to the extent of such transactions, unless it falls under an exception to Section 73 of the Income Tax Act.

Pankaj Oil Mills v. CIT
115 ITR 824 · 1978 · High Court
26
citing judgments

Hedging contracts related to raw materials for manufacturers are excluded from speculative transactions under Section 43(5) of the Income Tax Act, even if they involve both sales and purchases and are entered into at different times from the delivery of goods.

CIT v. Trishul Investments Ltd.
305 ITR 434 · 2008 · High Court
26
citing judgments

Interest paid on loans borrowed for the purpose of investment in shares is allowed as part of the cost of acquisition eligible for deduction while computing capital gains under Section 48. The intention of the assessee at the time of acquisition of shares determines the nature of the gain.

Quality Engineering & Software Technologies (P.) Ltd. v. DCIT
52 Taxmann.com 515 · 2014 · ITAT
26
citing judgments

A forward contract entered into to protect against foreign currency fluctuations on consideration receivable for exports is not a speculative transaction, and provisions for losses on such derivative contracts are allowable expenditures.

Judgments citing speculative transaction

DCIT Central Circle 5 4, Mumbai vs. L and T Valdel Engineering Limited, Karnataka

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4682/MUM/2023[2012-13]Status: DisposedITAT Mumbai30 Oct 2024AY 2012-13

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

statements at fair value, as on the balance sheet date in pursuance to accounting standard 30. D.5.2. Under section 43 (5) of the act, speculative transaction has been defined to mean a transaction in which a contract for the purchase or sale of commodities settled otherwise than by the actual

Larsen & Toubro Limited (Successor to M/S L & T Va;De; Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 5(4) Mumbai (Earlier AO Dcitm Circle 11(5) Bangalore, Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4555/MUM/2023[2015-16]Status: DisposedITAT Mumbai30 Oct 2024AY 2015-16

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

statements at fair value, as on the balance sheet date in pursuance to accounting standard 30. D.5.2. Under section 43 (5) of the act, speculative transaction has been defined to mean a transaction in which a contract for the purchase or sale of commodities settled otherwise than by the actual

Larsen & Toubro Limited (Successor to M/S L & T Valdel Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 5(4), Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4554/MUM/2023[2014-15]Status: DisposedITAT Mumbai30 Oct 2024AY 2014-15

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

statements at fair value, as on the balance sheet date in pursuance to accounting standard 30. D.5.2. Under section 43 (5) of the act, speculative transaction has been defined to mean a transaction in which a contract for the purchase or sale of commodities settled otherwise than by the actual

Larsen & Toubro Limited (Successor to M/S L & T Valdel Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 5(4), Mumbai Earlier AO DCIT, Circle 11(5) Banglore, Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4553/MUM/2023[2013-14]Status: DisposedITAT Mumbai30 Oct 2024AY 2013-14

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

statements at fair value, as on the balance sheet date in pursuance to accounting standard 30. D.5.2. Under section 43 (5) of the act, speculative transaction has been defined to mean a transaction in which a contract for the purchase or sale of commodities settled otherwise than by the actual

Larsen & Toubro Limited (Successor to M/S L & T Valdel Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax. Central Circle 5(4) Mumbai(Earlier AO DCIT, Circle 11(5) Bangalore ), Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4552/MUM/2023[2012-13]Status: DisposedITAT Mumbai30 Oct 2024AY 2012-13

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

statements at fair value, as on the balance sheet date in pursuance to accounting standard 30. D.5.2. Under section 43 (5) of the act, speculative transaction has been defined to mean a transaction in which a contract for the purchase or sale of commodities settled otherwise than by the actual

Larsen & Toubro Limited, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai (Earlier AO DCIT, Circle 11(5) Banglore ., Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4551/MUM/2023[2011-12]Status: DisposedITAT Mumbai30 Oct 2024AY 2011-12

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

statements at fair value, as on the balance sheet date in pursuance to accounting standard 30. D.5.2. Under section 43 (5) of the act, speculative transaction has been defined to mean a transaction in which a contract for the purchase or sale of commodities settled otherwise than by the actual

M/S. Coastal Energy Private Limited Represented by Liquidator, Chennai vs. DCIT, Corporate Circle-1(2), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1366/CHNY/2023[2013-14]Status: DisposedITAT Chennai25 Oct 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

purchase / sale of an underlying security permitted to be traded on the stock exchange and settled otherwise than by actual delivery would be speculative transactions under Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same. 10.5 On the other ... taken is for a transaction of revenue nature. Hence, the loss accounted with respect to foreign currency fluctuation is not to be treated as speculative transaction and therefore, the provisions of section 43(5) of the Act cannot be made applicable to the assessee. 1. The actual settlement

M/S. Coastal Energy Private Limited Represented by Liquidator, Chennai vs. DCIT, Corporate Circle-1(2), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1365/CHNY/2023[2012-13]Status: DisposedITAT Chennai25 Oct 2024AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

purchase / sale of an underlying security permitted to be traded on the stock exchange and settled otherwise than by actual delivery would be speculative transactions under Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same. 10.5 On the other ... taken is for a transaction of revenue nature. Hence, the loss accounted with respect to foreign currency fluctuation is not to be treated as speculative transaction and therefore, the provisions of section 43(5) of the Act cannot be made applicable to the assessee. 1. The actual settlement

M/S. Coastal Energy Private Limited Represented by Liquidator, Chennai vs. DCIT, Corporate Circle-1 (2), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1364/CHNY/2023[2011-12]Status: DisposedITAT Chennai25 Oct 2024AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

purchase / sale of an underlying security permitted to be traded on the stock exchange and settled otherwise than by actual delivery would be speculative transactions under Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same. 10.5 On the other ... taken is for a transaction of revenue nature. Hence, the loss accounted with respect to foreign currency fluctuation is not to be treated as speculative transaction and therefore, the provisions of section 43(5) of the Act cannot be made applicable to the assessee. 1. The actual settlement

Assistant Commissioner of Income Tax, Chennai vs. Coastal Energy Private Limited (Under Official Liquidator), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1363/CHNY/2023[2008-09]Status: DisposedITAT Chennai25 Oct 2024AY 2008-09

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

purchase / sale of an underlying security permitted to be traded on the stock exchange and settled otherwise than by actual delivery would be speculative transactions under Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same. 10.5 On the other ... taken is for a transaction of revenue nature. Hence, the loss accounted with respect to foreign currency fluctuation is not to be treated as speculative transaction and therefore, the provisions of section 43(5) of the Act cannot be made applicable to the assessee. 1. The actual settlement

Stephen Fernandes, Udupi vs. Income Tax Officer, Ward-2, Udupi

In the result, the appeal by the assessee is allowed for statistical purposes

ITA 1465/BANG/2024[2016-17]Status: DisposedITAT Bangalore23 Oct 2024AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri N. Ramesh, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(2)Section 143(3)Section 43(5)Section 44A

chargeable to commodities transaction tax under Chapter VII of the Finance Act,2013 (17 of 2013), shall not be deemed to be a speculative transaction. 5. The appellant prays that , this erroneous presumption of the Learned Assessing Officer , alone has resulted in the appellant not being granted the benefit

Dy.Comm. of Income-Tax 5(1)(1), Mumbai vs. Daystar Enterprises Pvt. Ltd, Mumbai

In the result, the appeal filed by the Revenue is dismissed and the Cross objection filed by the assessee is allowed

ITA 1572/MUM/2024[2018-19]Status: DisposedITAT Mumbai21 Oct 2024AY 2018-19

Bench: Justice (Retd.) Shri C.V. Bhadang, Hon‟Ble & Shri B.R. Baskaran, Hon‟Ble

For Appellant: Shri Rajiv Khandelwal and Shri Akash KumarFor Respondent: Ms. Mahita Nair, Sr.DR
Section 43(5)

only. The AO also recorded a fact that the broker note issued by M/s Motilal Oswal has mentioned the F & O transaction transactions as „speculation transactions‟ only. Accordingly, the AO disallowed the claim of set off claimed by the assessee against its business income. The Ld CIT(A) noticed that ... normal business transactions. Further, he also recorded a finding after verification of broker notes that they do not mention the F & O transactions as speculative transactions. Accordingly, he reversed the order passed by the AO on this issue and allowed set off of F & O loss against other business income

Khanna Industrial Pipes Pvt Ltd, Mumbai vs. Deputy Commissioner of Income Tax Circle 12 3 1 Mumbai, Mumbai

In the result, the appeal by the assessee is allowed for statistical

ITA 4036/MUM/2023[2013-14]Status: DisposedITAT Mumbai10 Oct 2024AY 2013-14

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri Jitendra SinghFor Respondent: ShriManoj Kumar Sinha, Sr. AR
Section 143(3)Section 234BSection 250

order. The Assessing Officer has not considered these facts. Under section 43(5) of the Income-tax Act, Khanna Industrial Pipes Pvt. Ltd. "speculative transaction" has been defined to mean a transaction in which a contract for the purchase or sale of a commodity is settled otherwise than ... thus is allowable as a business loss. Further, these transactions, being in the nature of hedging transactions, would fall under the exempted category of speculative transactions provided in proviso (a) to section 43(5) of the Act. Therefore, we find no basis in the findings of the lower authorities

Bhagwati Pules, Akola vs. Income Tax Officer, Ward-1, Akola

In the result, appeal filed by the assessee is partly allowed

ITA 86/NAG/2023[2013-14]Status: DisposedITAT Nagpur20 Sept 2024AY 2013-14

Bench: Shri V. Durga Rao

For Appellant: Shri Shubham JainFor Respondent: Shri Abhay Y. Marathe
Section 143(1)Section 144ASection 43(5)

been occurred on the same day, but the only contention of the assessee is that these transactions do not fall within the definition of speculative transaction under section 43(5) of the Act. The assessee filed a detailed and elaborated reply on 16/02/2016. However, the Assessing Officer held that ... transactions has not occurred on the same day, the only contention of the assessee is that these transactions do not fall within the definition speculative transaction given u/s 43(5) of the I.T. Act. For this the assessee has strongly emphasized on sub-clause

Umesh Saboo, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-2, Jaipur

In the result, the appeal of the assessee is allowed

ITA 1009/JPR/2024[2017-18]Status: DisposedITAT Jaipur18 Sept 2024AY 2017-18

Bench: Or At The Time Of Hearing.

For Appellant: Shri S.L. Poddar, AdvocateFor Respondent: Shri Monisha Choudhary, Addl. CIT D/R
Section 132Section 132(4)Section 143(3)Section 250Section 271Section 271ASection 274

KolTrib), (2018) 194 TTJ 0346 (Kol) "The question is when the search took place, the assessee’s transactions (in this case, the speculative transaction) has been found to be recorded in the “other documents” which is (retrieved from the assessee’s accountant’s drawer) and based on 18 Shri Umesh

Umesh Saboo, Jaipur vs. Deputy Commissioner of Income, Central Circle-2, Jaipur

ITA 1008/JPR/2024[2016-17]Status: DisposedITAT Jaipur18 Sept 2024AY 2016-17
For Appellant: Shri S.L. Poddar, AdvocateFor Respondent: Shri Monisha Choudhary, Addl. CIT D/R
Section 132Section 132(4)Section 139(1)Section 143(3)Section 153ASection 250Section 271ASection 274Section 68

KolTrib), (2018) 194 TTJ 0346 (Kol) "The question is when the search took place, the assessee's transactions (in this case, the speculative transaction) has been found to be recorded in the "other documents” which is (retrieved from the assessee's accountant's drawer) and based on that the assessee

Tara Soni, Dausa vs. ITO Ward, Dausa

In the result, the appeal filed by the appellant stands allowed with no orders as to cost

ITA 13/JPR/2024[2015-16]Status: DisposedITAT Jaipur17 Sept 2024AY 2015-16
For Appellant: Shri Rohan Sogani, CAFor Respondent: Smt. Monisha Choudhary, Addl. CIT-DR
Section 10(38)Section 143(3)Section 263Section 69ASection 69C

Income Tax Act through insertion of clause (d) wherein derivative transactions carried out through recognized stock exchange were not henceforth considered to be speculative transaction. In this regard, Hon'ble Finance Minister, Mr. P Chidambaram on the floor of the Parliament while setting out the reason for such amendment ... Hence, I propose to amend the Income Tax Act to provide that trading in derivatives in specified stock exchanges will not be treated as "speculative transactions" for the purposes of the Income Tax Act." - 5. Thus, clearly the government itself was of the view that transactions through Recognized Stock Exchange

Premcem Gums Private Limited, Mumbai vs. DCIT 14(2)(2), Mumbai

Accordingly, Ground No. 3 raised by the Appellant is dismissed

ITA 633/MUM/2024[2014-15]Status: DisposedITAT Mumbai30 Aug 2024AY 2014-15

Bench: SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Kirit SanghviFor Respondent: Shri HM Bhatt/Shri Raj Singh Meel
Section 143(3)Section 147Section 36(1)(vii)Section 36(1)(viii)

confirming addition of Rs.2,14,52,400/- being bad debt on the ground that Assessment Year 2014-15 the said amount arose from a speculative transaction without appreciating that the ground on which the AO had made the addition was different. Relief claimed: The addition/disallowance of Rs.2 ... erred in law and on facts in confirming the disallowance of Rs 2,14,52,400/-by holding it to be a speculative transaction without realizing that a "bad debt" is not a transaction to which s.43(5) my apply. Relief claimed: The write off of the bad debt

Neelam Narendrakumar Jhamb, Mumbai vs. National Faceless Appeal Centre (NFAC), Delhi

In the result, appeal filed by the assessee is allowed in the above terms

ITA 4679/MUM/2023[2014-15]Status: DisposedITAT Mumbai13 Aug 2024AY 2014-15

Bench: Shri. Om Prakash Kant & Shri. Raj Kumar Chauhan

Section 142(1)Section 143(2)Section 234ASection 250Section 271(4)(c)Section 274Section 43(5)Section 69C

assessee and giving the hearing, the Ld. AO concluded in his order that the assessee’s commodity transactions in NSEL was found as speculative transaction as defined u/s. 43(5) of the Act. Thus, the loss from commodity transactions amounting to Rs. 96,13,860/- is held as loss from

Aarti Monish Bhandari, Pune vs. Income Tax Officer Ward-6(1), Pune

The appeal stands ALLOWED FOR STATISTICAL

ITA 794/PUN/2024[2011-12]Status: DisposedITAT Pune08 Aug 2024AY 2011-12

Bench: Hon’Ble Shri G. D. Padmahshali & Shri Vinay Bhamoreassessment Year : 2011-12 Aarti Monish Bhandari, 790, Moti Chowk, Budhwar Peth, Pune – 411 042. Pan: Aaapo7585N . . . . . . . Appellant V/S The Income Tax Officer, Ward -6(1), Pune. . . . . . . . Respondent Appearances Assessee By : Mr Suhas P. Bora [‘Ld. Ar’] Revenue By : Mr Umesh Phade [‘Ld. Dr’] Date Of Conclusive Hearing : 01/08/2024 Date Of Pronouncement : 08/08/2024 Order Per G. D. Padmahshali, Am; This Appeal Of The Assessee Challenges The Din & Order No. Itba/Apl/S/250/2023-24/1060550961(1) Dt. 06/02/2024 Passed U/S 250 Of The Income-Tax Act, 1961 [‘The Act’ Hereinafter] By The Addl./Jt. Commissioner Of Income Tax Appeals-(6), Kolkata [‘Cit(A)’ Hereinafter] Which In Turn Arisen Out Of Order Of Assessment Passed U/S 143(3) R.W.S. 147 Of The Act By The Income Tax Officer, Ward - 6(1), Pune [‘Ao’ Hereinafter] For Assessment Year 2011-12 [‘Ay’ Hereinafter];

For Appellant: Mr Suhas P. Bora [‘Ld. AR’]For Respondent: Mr Umesh Phade [‘Ld. DR’]
Section 133(6)Section 139(1)Section 143(1)Section 143(3)Section 148Section 250

opening proceedings which came disposed-off by the Ld. AO vide his letter dt. 15/10/2018. 2.4 The information that the assessee vide seven speculative transactions executed through broker ‘Anand Resources Pvt. Ltd.’ ITAT-Pune Page 2 of 5 Aarti Monish Bhandari Vs ITO ITA No. 794/PUN/2024