1 itxa2340-10 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2340 OF 2010 The Commissioner of Income Tax - 4, Mumbai ..Appellant. Versus M/s.SSJ Holdings Private Limited ..Respondent. Mr.Vimal Gupta for the appellant. Mr.Hemant Jadia for the respondent. CORAM : J.P. Devadhar & A.A. Sayed, JJ. DATE : 20th July, 2011. P.C. : 1. Heard. Admit on the following substantial questions of law. (a) Whether, on the facts and in the circumstances of the case and in law the Tribunal was right in holding that losses in derivative trading cannot be considered as a speculation loss as derivative trading does not involve any purchase and sale of shares ? (b) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that where the assessee Company was doing business of purchase and sale of shares, the dividend earned by the assessee - Company has to be viewed as profits and speculation business even though for computation proceedings such dividend income would fall under the head 'Income from other sources' ? 2. Counsel on both the sides fairly state that both the questions are already answered in favour of the Revenue and against the assessee by the 2 itxa2340-10 decision of this Court in the case of Commissioner of Income Tax V/s. Bharat R. Ruia (HUF) reported in 199 Taxman 87 (Bom.). 3. Accordingly, both the questions are answered in favour of the Revenue and against the assessee. The appeal is accordingly disposed off with no order as to costs. (A.A. Sayed, J.) (J.P. Devadhar, J.)