1 itxa4166-10 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.4166 OF 2010 M/s.AG Enterprises ..Appellant. Versus Income-tax Officer, Ward 12(3)(1), Mumbai ..Respondent. Mr.Jitendra Jain with Mr.B.D. Damodar i/by M/s.Kanga & Co. for the appellant. Ms.Padma Divakar for the respondent. CORAM : J.P. Devadhar & Smt.R.S. Dalvi, JJ. DATE : 18th April, 2011. P.C. : 1. This appeal was admitted on 23-11-2010 on the following substantial questions of law. A) Whether on the facts and in the circumstances of the case, the Tribunal erred in holding that sub-clause (d) of the proviso to Section 43(5) of the Act are not clarificatory but prospective in operation from 1st April 2006 i.e. for assessment year 2006-2007 onwards ? B) Whether the Tribunal was justified in upholding the applicability of Section 43(5) to derivative transactions ? 2. Learned counsel for the parties state that the aforesaid questions 2 itxa4166-10 of law are answered in favour of the Revenue and against the assessee by the decision of this Court in the case of The Commissioner of Income Tax, Central – IV, Mumbai V/s. Shri Bharat R. Ruia (HUF), being Income Tax Appeal No. 1539 of 2010 decided on 18-04-2011. 3. In this view of the matter, the appeal is dismissed. No costs. (Smt.R.S. Dalvi, J.) (J.P. Devadhar, J.)