Single transaction cannot be accepted in part as speculative transaction and part in non speculative transaction

In our considered opinion, the Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding.

As the nature of business has to be understood in the proper perspective considering the business strategy of the assessee and as the composite transactions of both NSE and BSE have to be taken into account, we set aside the matter to the file of Assessing Officer for adjudi

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