Snc v. M.s. Sanklecha, J

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 5766 OF 2010 The Commissioner of Income Tax-4..Appellantversus Vishwanath Haralka ..Respondent -------- Mr. Vimal Gupta for the Appellant.Mr. Madhur Agarwal i/b Mint & conferes for the Respondent. ............. CORAM : J.P. DEVADHAR & M.S.SANKLECHA, JJ. DATE : 08[th] January, 2013 P.C. : Heard. Admit on the following substantial question of law: A)Whether on the facts and circumstances of the case and in law, the Tribunal by relying on the Judgment of ITAT in M/s. RBK Securities Pvt. Ltd. (ITA No. 2456/M/2006) was correct in holding that, dealing in derivative being separate kind of transaction, which does not involve any purchase and sale of shares, the loss on account of such derivative trading cannot be treated as speculation loss? 2The Advocate for the appellant and the respondent are agreed that in view of the decision of this court in the matter of CIT v. Bharat Ruia reported in 337 ITR page 452, the impugned order dated 29.07.2009 in ITXA No.5367/Mum/08 for the Assessment Year 2004-05 be set aside and restored to the Tribunal for fresh disposal alongwith the cross objection. Accordingly, we set aside impugned order and restore the file to the Tribunal to dispose of the appeal alongwith the cross objection. 3Appeal is disposed of with no order as to costs. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)