According to sec 43(5) define in arbitrage activities a trader can take advantage of Variation of price quote of same script at two different exchanges

Last updated: 19 March 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
From the observation we can find the following fact.. The assessee is engaged in the business of jobbing / arbitrage activities. He undertakes business of share trading on his own account. He filed his return of income on 27th July 2006, declaring total income of Rs. 49,59,160. The Assessing Officer completed the assessment vide order dated 28th November 2008, passed under section 143(3) of the Income Tax Act, 1961 (for short “the Act”), determining the income at Rs. 1,01,34,547, interalia, making additions on account of speculative income and income from forwards and options. The assessee carried the matter in appeal wherein the first appellate authority granted part relief. Aggrieved, the assessee as well as the Revenue are in appeal before the Tribunal.

Citation :
Chirag D. Tanna Flat no.003, “Umang” “B” Wing Mathuradas Road Extension Kandivali (W), Mumbai 400 067 PAN – ADJPT2151R………….………. Appellant v/s Asstt. Commissioner of Income Tax Circle-25(3), Mumbai..…….………. Respondent ITA no. 5027/Mum./2010 (Assessment Year: 2006-07) Asstt. Commissioner of Income Tax Circle-25(3), Mumbai ………….………. Appellant v/s Chirag D. Tanna Flat no.003, “Umang” “B” Wing Mathuradas Road Extension Kandivali (W), Mumbai 400 067 PAN – ADJPT2151R..…….………. Respondent