2008 (1) TMI 882

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....DGEMENT The Revenue has preferred this Appeal on the following questions:- 1. Whether on the facts and circumstances of the case, the Tribunal was justified in law in holding that the loss incurred by the assessee in the purchase and sale of shares cannot be treated as speculation loss and has to be treated as regular business, which is adjusted against the other income u/s.70 & 71 of the I.....

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....in Aryasthan Corporation Ltd. vs. Commissioner of Income-tax, 253 ITR 401 (Cal.). That judgment was considering the import of the meaning of Section 109 (11) of the Income Tax Act, 1961. In that context the learned Bench was pleased to proceed to hold placing reliance on the judgment of an earlier decision in Eastern Aviation and Industries Ltd. vs. CIT (1994) 208 ITR 1023(Cal.) where the learned ....