{"id":25582,"date":"2022-03-17T13:08:49","date_gmt":"2022-03-17T07:38:49","guid":{"rendered":"https:\/\/itatonline.org\/digest\/acit-v-lifestyle-international-p-ltd-2021-88-itr-79-bang-trib-2\/"},"modified":"2022-03-17T13:08:49","modified_gmt":"2022-03-17T07:38:49","slug":"acit-v-lifestyle-international-p-ltd-2021-88-itr-79-bang-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-lifestyle-international-p-ltd-2021-88-itr-79-bang-trib-2\/","title":{"rendered":"ACIT v. Lifestyle International (P.) Ltd. (2021) 88 ITR 79 (Bang.) (Trib.)"},"content":{"rendered":"<p>Held, that a foreign exchange cover was not a contract for the purchase of a share or stock and did not fall within the purview of the term commodity and hence the characteristics of a speculative transaction were not satisfied. Since the definition of speculative transaction itself was not applicable, treating the transaction as speculative in nature was not sustainable in law. (AY. 2008-09, 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 43(5) : Speculative transaction-Premium on forward cover &#8211; Commodity-Foreign  exchange cover not contract for purchase of  share or  stock and does not fall within definition of  commodity &#8211; Transaction not speculative.  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-25582","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6EC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=25582"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25582\/revisions"}],"predecessor-version":[{"id":25583,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25582\/revisions\/25583"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=25582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=25582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=25582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}