The Commissioner Of Income Tax – 4, Mumbai v. Apurva Vikram Dalal

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1659 OF 2010 The Commissioner of Income Tax – 4, Mumbai ..Appellant. Versus Apurva Vikram Dalal..Respondent. Mr.Vimal Gupta for the appellant.None 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 in the circumstances of the case and in law the Tribunal was justified in holding that derivatives loss of Rs.20,69,710/- is to be treated as non-speculative business loss and not speculative loss as held by the Assessing Officer and confirmed by the learned CIT (Appeals) ?” 2.None for the respondent, though served. Affidavit of service filed by the learned counsel for the Revenue is taken on record. 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 of 2010 decided on 18-04-2011. 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.)