* IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 06.05.2013
Pronounced on: 11.07.2013
+ ITA 94/2013 THE COMMISSIONER OF INCOME TAX DELHI-IV
..... Appellant
Through: Sh. Sanjeev Sabharwal, Sr.
Standing Counsel with Sh. Puneet Gupta, Jr. Standing Counsel.
Versus
DLF COMMERCIAL DEVELOPERS LIMITED
..... Respondent
Through: Sh. Ajay Vohra and Ms. Kavita
Jha, Advocates.
CORAM:
HON'BLE MR. JUSTICE S. RAVINDRA BHAT
HON'BLE MR. JUSTICE NAJMI WAZIRI
MR. JUSTICE S.RAVINDRA BHAT
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1. This appeal of the revenue impugns an order of the Income Tax Appellate Tribunal (ITAT) dated 30.11.2011 in the assessee's appeal [ITA No. 1446 (Del) of 2011] whereby its contention about inapplicability of Explanation to Section 73 of the Income Tax Act, 1961 in respect of its transactions, and the resulting relief in carry forward of its losses for the previous year, in respect of its
ITA 94/2013 Page 1 derivative business was upheld. This Court framed the following question of law for consideration, and heard the parties, i.e:
―Did the Income Tax Appellate Tribunal (ITAT) fall into error in not holding that the loss of Rs. 4,92,71,000/- on account of derivative transaction was a speculative loss, and was entitled to the benefit of Section 7