2003 (1) TMI 61

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.... has come by way of an appeal against the order of the Tribunal under section 260A of the Income-tax Act, 1961, in respect of the assessment year 1992-93. Facts: The assessee-company carried on as business as export house. The assessee-company is an exporter of cotton. On December 30, 1992, the assessee filed its return of income showing an income of Rs. 1,13,100. The assessee had entered in....

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....Being aggrieved, the assessee carried the matter in appeal to the Commissioner of Income-tax (Appeals). The first appellate authority confirmed the assessment order. Being aggrieved, the assessee carried the matter in appeal to the Tribunal, which took the view that the assessee was an exporter of cotton ; that the assessee was an export house ; that it had entered into transactions for export of ....

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.... has not considered these facts. Under section 43(5) of the Income-tax Act, "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 by the actual delivery or transfer of such commodity. However, as stated above, the assessee was not a dealer in foreign exchange. The assessee was an exporter of cotton. In....