1 ITXA5755-10.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ttm INCOME TAX APPEAL NO.5755 OF 2010 The Commissioner of Income-Tax-12 .. Appellant Vs. M/s.Shri Shyam Sunder Mittal .. Respondent. Mr.Suresh Kumar for the appellant Mr.Sanjiv M. Shah for the respondent CORAM : J.P. DEVADHAR & K.K. TATED, JJ. DATE : 23rd SEPTEMBER, 2011. P.C. 1. Heard. Admit on the following questions of law: (a) “Whether the ITAT was justified in confirming the order of CIT(A) in holding that the loss of Rs.3,43,14,558/- which arose out of derivative transaction of the assessee is not speculative in nature & holding the same to be business loss”? (b) “Whether the ITAT was justified in confirming the order of CIT(A) in relying on the decision of ITAT’s Mumbai Bench in the case of SSK Investors Services P.Ltd. without considering the fact of the clause (d) of section 43(%) of the I.T.Act has been inserted w.e.f. 01.04.2006 & does not have any 2 ITXA5755-10.doc retrospective effect.” 2. The counsel for the parties state that the questions raised in this appeal are covered in favour of the Revenue by the decision of this court in the case of C.I.T. vs. Shri Bharat R. Ruia (HUF) reported in (2011) 199 TAXMAN 87. In this view of the matter, the appeal is allowed by answering the questions in favour of the revenue. (J.P. DEVADHAR, J.) (K.K. TATED, J.)