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2022 (1) TMI 1325 - AT - Income TaxNCDEX Trading Loss - Speculation Loss - addition treating the claim of loss of the assessee as speculative loss but allowed to set off against the speculative profits in future as has been done by the AO - HELD THAT:- In this case, it is noted that the AO during the course of assessment proceedings treated the transaction made prior to the notification out of total transaction as speculation by giving prospective effects to the said notification dated 27-11-2013 which has been confirmed by the ld. CIT(A). It is not imperative to repeat the facts as narrated by the ld.CIT(A) in his appellate order but the Bench noted that the issue in question is directly covered by the decision in the case of P.D. Sekharia Trading Company Pvt. Ltd.[2019 (3) TMI 2011 - ITAT AMRITSAR] Bench has also been apprised that Revenue has not challenged the order of ITAT Amritsar Bench (supra) at higher forum and even no material has been placed on record by the Revenue to counter the said fact. Hence, in view of the above decision of ITAT Amritsar Bench dated 19-03-2019, the Bench does not concur with the findings of the ld. CIT(A) and thus the ground of appeal No. 1 of the assessee is allowed. Disallowance of total expenses comprising of car expenses, shop expenses, Staff tea expenses and telephone and mobile expenses claimed by the assessee - HELD THAT:- During the course of hearing, the ld.AR of the assessee has not filed any written submission controverting the findings of the ld. CIT(A). Hence, Ground No. 2 of the assessee is dismissed.
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