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2019 (1) TMI 1595 - AT - Income TaxDisallowance on account of F & O Loss - CIT (A) treating the loss incurred by the assessee in its derivatives transactions as non-speculative - HELD THAT:- There is the factual difference between the submission filed by the assessee and the observation of the AO. But in the given facts and circumstances, we are of the view that the AO erred in understanding the details filed by the assessee. It is because on the same set of documents, the CIT(A) called for the remand report from the AO, but he failed to do so despite several reminders issue to him. Thus considering the facts in totality, we are of the view that the impugned loss does not represent the speculative transaction in pursuance to the provisions of clause (d) of subsection 5 of section 43 of the Act. Accordingly, we do not find any infirmity in the order of the Ld. CIT(A). Hence the ground of appeal of the Revenue is dismissed.
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