SUDHIR AGARWAL, J. - (1.) Heard Sri Alok Mathur, learned Counsel for appellant and Sri Shashank Dhaon, learned Counsel for respondent.
(2.) This Appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") has been filed by Assistant Commissioner of Income Tax, Faizabad (hereinafter referred to as "Revenue") being aggrieved by judgment and order dated 15.03.2016 passed by Income Tax Appellate Tribunal, Lucknow, Bench, Lucknow (hereinafter referred to as "Tribunal") in Income Tax Appeal (hereinafter referred to as "ITA") No. 196/LKW/2014 relating to Assessment Year (hereinafter referred to as "A.Y.") 2009-10.
(3.) It was admitted on following substantial question of law: "A. Whether on the facts and circumstances of the case and in law the Hon'ble Income Tax Appellate Tribunal was correct by taking the losses incurred from 32 transactions out of 90 transactions entered into by the respondent/assessee as business losses due to wrong interpretation of the provisions of Section 43(5) and without appreciating the fact that the transactions entered into by the respondent/assessee were speculative transactions and therefore any loss arising from such type of transactions and therefore any loss arising from such type of transactions will be speculative loss which do qualify for set off against nonspeculative business income?";