2010 (2) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... BADAR DURREZ AHMED HON'BLE MR JUSTICE SIDDHARTH MRIDUL  1. Whether Reporters of local papers may be allowed to see the judgment?  2. To be referred to the Reporter or not?    3. Whether the judgment should be reported in Digest?  BADAR DURREZ AHMED, J (ORAL) 1. This appeal by the revenue is directed against the Income Tax Appellate Tribunal‟s ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... and Grains Private Limited, Singapore on account of price difference on the basis of a wash out contract for palm fatty acid distillate.  Both the Assessing Officer as well as the Commissioner of Income Tax (Appeals) found the said transactions to fall within the definition of "speculative transaction" as defined in Section 43(5) of the said Act and not amounting to payments on breach of con....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aches of contract. The finding of the Tribunal that the said transactions did not fall within the definition of speculative transaction as defined in Section 43(5) of the said Act do not call for any interference. 5. Be that as it may, even if we assume for the sake of argument that the said transactions amounted to speculative transactions as defined in Section 43(5), the same would be of no h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....R 298. In the said decision, the Bombay High Court, inter alia, held as under:- "On a careful reading of the provisions of sections  72  and  73, Explanation 2 to section  28  of the Act, it is abundantly clear that all these provisions are applicable only to treatment of profits and losses from a "speculation business". There is a perceptible difference between "specul....