Dismissing the appeal of the revenue the Court held that the contract note clearly revealed that the transactions were supported by time-stamped contract notes issued by the stock broker in which unique client identity and permanent account number were indicated in accordance with Explanation 1 attached to clause (d) of the proviso to clause (5) of section 43 of the Act. Section 43(5) of the Act was also discussed in the order by the Commissioner (Appeals) and on the basis thereof, the Commissioner (Appeals) had arrived at the conclusion that the assessee had fully satisfied the requirements under clause (d) of the proviso to clause (5) of section 43. In the facts and circumstances, the loss sustained by the assessee from the transaction of purchase and sale of the shares could not be deemed to be speculation loss.( AY. 2007-08)