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2015 (4) TMI 828 - HC - Income TaxAddition on account of hedging loss treated as speculation loss - ITAT deleted part addition accepting additional evidence - Held that:- As before the learned CIT(A) the assessee filed the monthly purchase and sale quantity of gold on actual basis and purchase and sale quantity of gold in MCX in Excel sheet, which was carved out from the bills issued by MCX during the year and which were already before the Assessing Officer and, therefore, it cannot be said that as such the learned CIT(A) admitted the additional evidence for which opportunity was required to be given to the Assessing Officer as per Rule 46(A)(3) of the Rules. Under the circumstances, the learned ITAT has rightly observed that there is no breach of Rule 46(A)(3) of the Rules as alleged by the revenue. Thus it cannot be said that the learned ITAT has committed any error in dismissing the appeal preferred by the revenue and confirming the order passed by the learned CIT(A) restricting the additions made by the Assessing Officer on account of hedging loss treating it as speculation loss to ₹ 1,01,417/- instead of ₹ 1,06,65,670/-. No substantial question of law arises. - Decided against revenue.
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