TMI Blog2014 (5) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... ation loss – Decided against Revenue. Deletion of interest on unsecured loan – Held that:- The Tribunal confirmed the view of CIT (A) as in the case of assessee for the year 2006-07 - it had upheld the view of the CIT (A) by deleting the addition made on account of interest on unsecured loan - Revenue is unable to point out as to whether such issue was carried to the High Court in the earlier year - the total amount diverted from the Head Office to the MCX Division under the head of unsecured loan was to the very Division of the assessee, and was for the purpose of business transaction and the said fund was not advanced to any parties for non-interest bearing activities - the amount was diverted to its own business division and in absenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer had disallowed the loss claimed in MCX transaction. When this was challenged before the C.I.T. (Appeals), it had deleted such addition. On the ground that since the issue is covered by assessee's own case for the assessment year 2006-07, the Tribunal also held the issue in favour of the assessee. We have noticed that for the assessment year 2006-07, when the matter was carried before this court in Tax Appeal No. 45 of 2011, this court has considered the issue and held as under: As regards the first point advanced by the Revenue, we find that during original assessment proceedings the Assessing Officer himself had accepted the position that the assessee had maintained quantitative details and that the general profit was on the hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the loss could not be said to be a speculation loss. We find that no substantial question of law is involved on the above question. The first question, therefore, needs to be answered accordingly in favour of the assessee and against the Revenue, and as such, deserves no consideration. 4. The second issue pertains to deletion of addition of interest on the unsecured loan to the tune of Rs. Rs.30.42 lakhs (rounded of). The assessee had diverted the amount from the Head Office to the MCX Division under the head unsecured loan, and in MCX Division, the assessee had suffered a loss to the tune of Rs.20.52 lakhs (rounded of). The Assessing Officer was convinced that since the assessee did not charge any interest to the MCX Division on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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