1 itxal1957-09 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1957 OF 2009 The Commissioner of Income Tax – 19, Mumbai ..Appellant. Versus M/s.Ashok Investment, Mumbai – 20 ..Respondent. Mr.A.S. Shivsharan for the appellant. Ms.Aasifa Khan i/by Mr.A.J. Patil for the respondent. CORAM : J.P. Devadhar & Smt.R.S. Dalvi, JJ. DATE : 18th April, 2011. P.C. : 1. Heard. Admit on the following substantial question of law. Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that the loss suffered by the assessee on account of future and options transaction has to be considered as business loss and cannot be considered as speculative loss. 2. Learned counsel for the parties state that the aforesaid question is 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 2 itxal1957-09 of 2010 decided on 18-04-2011. 3. In this view of the matter, the appeal is allowed by answering the question in favour of the Revenue and against the assessee. (Smt.R.S. Dalvi, J.) (J.P. Devadhar, J.)