The Commissioner Of Income Tax – 19, Mumbai v. M/S.ashok Investment, Mumbai – 20
High Court
18 Apr 2011 In favour of: Revenue
Forum / Bench
High Court · newos
Parties
The Commissioner Of Income Tax – 19, Mumbai v. M/S.ashok Investment, Mumbai – 20
Date of order
18 Apr 2011
Assessment year(s)
—
Outcome
Allowed
Case summary
In The Commissioner Of Income Tax – 19, Mumbai v. M/S.ashok Investment, Mumbai – 20, the High Court (2011) allowed the appeal. The decision went in favour of the Revenue.
Issue: Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that the loss suffered by the assessee on account of future and options transaction has to be considered as business loss and cannot be considered as speculative loss.
Decision: Ruia (HUF), being Income Tax Appeal No.1539 3.In this view of the matter, the appeal is allowed by answering the question in favour of the Revenue and against the assessee.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
The order — as passed by the High Court
IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL (L) NO.1957 OF 2009
The Commissioner of Income Tax – 19, Mumbai..Appellant.
Versus
M/s.Ashok Investment, Mumbai – 20
..Respondent.
Mr.A.S. Shivsharan for the appellant.Ms.Aasifa Khan i/by Mr.A.J. Patil for the respondent.
CORAM : J.P. Devadhar &
Smt.R.S. Dalvi, JJ.
P.C. :
DATE : 18[th] April, 2011.
1.Heard. Admit on the following substantial question of law.
Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that the loss suffered by the assessee on account of future and options transaction has to be considered as business loss and cannot be considered as speculative loss.
2.Learned counsel for the parties state that the aforesaid question
is answered in favour of the Revenue and against the assessee by the decision of this Court in the case of The Commissioner of Income Tax, Central – IV, Mumbai V/s. Shri Bharat R. Ruia (HUF), being Income Tax Appeal No.1539
3.In this view of the matter, the appeal is allowed by answering the question in favour of the Revenue and against the assessee.
(Smt.R.S. Dalvi, J.)
(J.P. Devadhar, J.)
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