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2014 (10) TMI 36 - HC - Income TaxLoss on trading of Future & Options - Whether Tribunal is right in allowing the loss on trading of Future & Options incurred in the course of its business as brought on record by the AO which were based on close analysis of the seized material suggesting that there was a collusion by the assessee with connected/interested parties so as to create an artificial loss – Held that:- The AO discussed the entire issue with regard to the Commodity Future Trading and at the end, the AO disallowed the loss on trading of F&O - there was absence of any reasons while disallowing such loss – CIT(A) and Tribunal both of them was of the view that there was no reason for rejection of claim for loss of F&O transaction and that was not justifiable – in absence of any reasons has justified the reversal of disallowance on the part of the CIT(A) - it is not necessary to ingeminate at this stage – Decided against revenue.
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