The Commissioner Of Income Tax v. D.g. Goenka Equities Private Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 903 OF 2009 The Commissioner of Income Tax Vs.D.G. Goenka Equities Private Ltd. ..Appellant ..Respondent Mr.Vimal Gupta for appellantNone for the respondent. CORAM :- V.C.DAGA &J.P.DEVADHAR,JJ. DATE : 3rd JULY, 2009 P.C. Heard learned counsel for the Revenue. The question sought to be raised revolves around interpretation of clause 7 in the Assessment Order which reads as under: In case of purchases on behalf of clients, Member Brokers shall be at liberty to close out the transactions by selling the securities, in case the client fails to make the full payment to the Member Broker for the execution of the contract within two days of contract note having been delivered for cash shares and seven days for specified shares or before pay-in-day (as fixed by Stock Exchange for the concerned settlement period), whichever is earlier; unless the client already has an equivalent credit with the Member. The loss incurred in this regard, if any, will be met from the margin money of that client. For the lapse of the client that the Assessee has operating as proprietor if he suffers loss as per the regulation of the SEBI, in that event said loss can only be drawn as business loss. Similar view has been taken up by the Tribunal. Under these circumstances, we do not find any substantial question of law involved in this appeal. In this view of the matter, the appeal is dismissed in limini for want of substantial question of law with no order as to costs. (J.P.DEVADHAR,J.) (V.C.DAGA,J.)