2019 (4) TMI 977

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....lant in ITXA No.67 of 2017. Mr. Tejveer Singh for the Appellant in ITXA Nos.88 of 2017 and 83 of 2017. Mr. Percy Pardiwalla, Senior Counsel with Mr. Madhur Agrawal i/by Mr. Atul Jasani for the Respondents. ORDER P.C.:­ 1. These appeals arise in similar background. We may record facts from record of Appeal No.67 of 2017. 2. This appeal is filed by the revenue to challenge the jud....

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....opinion that the transactions were speculative in nature and therefore, in terms of Section 43(5) of the Act, the loss arising out of such transactions, was a speculation loss. The issue reached the High Court at the hands of the revenue. The High Court allowed the revenue's appeal against which we are informed that Special Leave Petition is filed and appeal is admitted. Parallelly the penalty pro....