The Commissioner Of Income Tax v. M/S.sinore Trading Ltd

(-1-) IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL, CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT BOMBAY INCOME TAX REFERENCE NO.179 OF 1996 The Commissioner of Income Tax..Appellant Vs. M/s.Sinore Trading Ltd........Respondent Mr. Vimal Gupta with Mr. P.S. Sahadevan, for the Appellant. Mr. J.D. Mistry with Mr. Raj Darak, for the Respondent. CORAM: F.I.REBELLO&R.S.MOHITE,JJ.DATED: 29TH JANUARY,2008 CORAM: F.I. R.S.MOHITE,JJ. DATED: 29TH JANUARY,2008 P.C.: P.C.: . The Reference papers were missing from the Registry. As the papers are not traceable Registry is permitted to reconstruct the record. 2. The Tribunal was pleased to refer the following two questions:- 1.Whether on the facts and circumstances of the case, the Tribunal was right in law in holding that the loss in the share transaction is not a speculation loss? 2. From the facts on record we find that income from business showed a loss of Rs.39,684/- and income from other sources was in the sum of Rs.4,26,898/-. (-2-) 3. Though the Tribunal has referred the question as framed the question referred to can be answered considering in the explanation to Section 73 of the I.T. Act. 4. For the reasons given while disposing of Income Tax Appeal No.296 of 2001 decided today i.e. 29th January, 2008 the reference will have to be answered in the affirmative in favour of the assessee and against the Revenue. Reference disposed of accordingly. (R.S.MOHITE, J.) (R.S.MOHITE, J.)(F.I.REBELLO, J.)