2008 (7) TMI 949

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....st the order of the CIT(A). 2. The ground No. 1 of the assessee is as under : "On the facts and in the circumstances of the case and in law : 1. The learned CIT(A) erred in confirming the loss claimed by the appellant on F&O transaction as a business loss into a speculation loss. The CIT(A) further erred in holding that amendment of s. 43(5) is not retrospective and hence the benefit of th....

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....he assessee. He referred to the relevant portions of the order of the CIT(A) in support of his argument regarding the interpretation of the provision of s. 43(5) of the Act. 4. We have considered the rival submissions. We find that in the case of Dy. CIT vs. SSKI Investors Services (P) Ltd. (supra), the Mumbai Tribunal has held that the dealings in the derivative is a separate kind of transaction....