COMMISSIONER INCOME TAX Vs. SRI RAM KISHAN GUPTA

JUDGEMENT

(1.) This appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'Act') has been filed against the judgment and order of the Income Tax Appellate Tribunal dated 25.4.2003 by which the appeal of the assessee against the order of the Commissioner Income Tax Appeal has been allowed. It is sufficient to note the facts as noted in the order of the Tribunal to decide the questions raised in this appeal. In paragraph 2 of the order of the Tribunal, facts of the case have been noted in following words:

(2.) This appeal has been admitted on the following questions of law:

(3.) We have heard Sri Shambhu Chopra, learned Counsel appearing for the appellant and Sri S.D. Singh, learned senior Advocate appearing for the assessee. The provisions of the Income Tax Act relevant for the issues raised in the appeal need to be noted first. Section 43 contains definition of certain terms relevant to income from profits and gains of business or profession. Section 43(5) deals with "speculative transaction". Section 43 (5) proviso (a) (b) and (c) which are relevant are quoted below: