TaxTMI 
TaxTMI 
1993 (4) TMI 62
X X X X Extracts X X X X
X X X X Extracts X X X X
....following question has been referred at the instance of the assessee by the Appellate Tribunal under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding the loss of Rs. 59,678 resulting from share transactions as speculation loss and not a loss arising from business as claimed by the assessee ?" ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tive transaction " as follows : " 'Speculative transaction' means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips. " In other words, a transaction, can be regarded as a speculative transaction, if the following conditions....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s of contract, the Tribunal came to the conclusion that both transactions were completed as sales, that there was nothing to suggest that delivery of shares had been obtained by Messrs. Jhunjhunwala on behalf of the assessee, that there was no evidence that shares were delivered to the assessee, that even assuming that payment was made on April 9, 1981, and delivery was effected on the same day to....
X X X X Extracts X X X X
X X X X Extracts X X X X
....by the stock broker or subsequently by the assessee or her representative to the vendee. However, he contended that no receipt could be obtained and, therefore, no evidence could be produced to prove evidence to prove delivery. Under section 43(5) of the Act, the statutory authority has to satisfy itself that there was actual delivery or transfer of the shares. The assessee must be able to place m....