The Commissioner Of Income-Tax - 16 v. Shri Arun V.mule

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No. 6955 of 2010. The Commissioner of Income-tax - 16 ... Appellant. Versus Shri Arun V.Mule ... Respondent. Ms P.S. Cardozo, for the appellant.Mr Atul K. Jasani, for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ. DATE : 9[th] November,2011. P.C. :- 1.Heard. Admit on the following question of law :- (a) Whether on the facts and in the circumstances of the case and in law the Hon’ble Tribunal is justified in law in holding and deciding that section 43 (5) of the act is not applicable to the trading in ‘derivatives’ and that a loss in such trading is not a ‘speculative loss’ and thereby directing the A.O., to treat the loss of Rs.35,09,248/- as normal business loss allowed to be ‘set off’ against the other head of income? 2.By consent, appeal is taken up for final hearing. 3.Counsel for the parties state that the question raised in this appeal is covered against the assessee by the decision of this Court in the case of Commissioner of Income-Tax vs. Bharat R Ruia (HUF) reported in (2011) 377 ITR 452. Accordingly, appeal is disposed off by answering the question raised in this appeal in favour of the Revenue and against the assessee. (A.R.Joshi,J) (J.P.Devadhar,J.)