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2018 (8) TMI 525 - HC - Income Tax
Speculation loss arising from commodity trading to the Assessee in off market transactions - added to its income or not - Tribunal held that there is no bar in undertaking off market transactions in commodities under the law and AO was duty bound to accept the profit shown in the Profit & Loss Account of the Assessee - Held that:- This is essentially a finding of the Tribunal on fact. No material has been shown to us which would negate the Tribunal's finding that off market transactions are not prohibited. As regards veracity of the transactions, Tribunal has come to its conclusion on analysis of relevant materials. That being the position, Tribunal having analysed the set of facts in coming to its finding, we do not think there is any scope of interference with the order of the Tribunal in exercise of our jurisdiction under Section 260A of the Income Tax Act, 1961. No substantial question of law is involved in this appeal. The appeal and the stay petition, accordingly, shall stand dismissed.