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2015 (10) TMI 588 - AT - Income TaxDisallowance of loss suffered in NCDEX transaction - Held that:- It is undisputed that NCDEX terminal was not a recognized stock exchange as per Rule 6DDB r.w.s. 43(5)(d) of the Income Tax Act, 1961 at the relevant time. Ld. CIT(A) treated the loss as speculative we find no valid reason to deviate from the same. In the interest of judicial discipline, we respectfully follow the same and uphold ld. CIT(A) order. - Decided against assessee. Penalty u/s 271(1)(b) - non-compliance of notices dated 29-07-2009 and 27-08-2009 - assessee contended that he was confined to bed on account of his illness on these dates - Held that:- The assessee gave satisfactory reply expressing his inability to attend the proceedings due to illness which has not been controverted. The assessment in question has been framed u/s 143(3) of the Act. Thus in the entirety of the facts and circumstances of the case, we hold that this is not a fit case for imposition of penalty of ₹ 10,000/- which is deleted. - Decided against Revenue.
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