eligible transaction in respect of trading in commodity derivatives carried out in a [recognised stock exchange][Sub. for "recognised association ... trading in commodity derivative in accordance with the provisions of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) and the rules, regulations
Revenue presses
this appeal is whether speculation loss arising from commodity trading
to the Assessee in off market transactions would be added to its income ... been found that the
assessee has claimed loss in commodity trading of
Rs.2,26,96,157/-. On enquiry, the stock exchange NMCE
(National Multi
shall be inserted, namely:- "(e) an eligible transaction in respect of trading in commodity derivatives carried out in a recognised association,"; (II) the Explanation shall ... laws, rules and regulations of the recognised association for trading in commodity derivative in accordance with the provisions of the Forward Contracts (Regulation
words "sale of commodity derivatives or option on commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations", the words "sale ... prices of commodity derivatives or option on commodity derivatives or option in goods in respect of commodities, other than agricultural commodities, traded in recognised stock
profit of Rs.1,49,19,900
declared on account of commodity trading."
2. Briefly stated the facts necessary for adjudication of the
controversy ... Commodities (P) Ltd. as well as copies of accounts
of assessee company in the books of Smrat Commodity Broker Pvt.
Ltd. with whom trading
same time, the buying trading
member and the selling trading member would resell the
commodity on T+25 basis. This, in short, is the transaction ... Shall organize spot
trading subject to regulation by the authorities
regulating spot trade in the areas where such
trading takes place.
(iv) All information
forward contracts from conducting forward trading in any commodity whatever except a commodity or commodities which may be specified in the registration certificate ... commodity or commodities and another association in some different commodities. How can they go on varying the commodities for forward trading by different associations
respect of trading in
commodities, Purvag Commodities Pvt Ltd and Jigar Commodities Pvt Ltd
are authorised to trade on electronic platforms of several exchanges.
NSEL ... activities since 2007. NSEL was platform for automated
trading system for conducting spot trading system in commodities. In or
around September 2009, the NSEL
allowing setting of
speculation loss from trading in shares out of income from trading in
commodities.
39. Rival contentions have been heard and record perused ... before us, since assessee was trading at
un-recognised stock exchange, therefore, income arising out of trading of
commodities at such unrecognized stock exchange also
Navjeevan Trade & Commodities ... vs Income Tax Officer, Ward-4-2, Jaipur on 3 August, 2018
vk;dj vihyh ... Assessment Years : 2014-15
M/s Navjeevan Trade & Commodities cuke The ITO,
Pvt. Ltd. Vs. Ward-4(2),
B-92, Kukarkhera Anaj Mandi, Jaipur
