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2017 (7) TMI 212 - HC - Income Tax"Mark to Market” loss - Held that:- There is nothing on record even remotely to suggest that the transaction in question was a speculative one. The assessing officer had not disallowed the said claim. In an appeal filed by the assessee, the Commissioner (Appeals) for the first time that too in an appeal of the assessee has disallowed the amount of ₹ 30,31,633/. There are no facts on record. In the appeal filed by the assessee, the Commissioner (Appeals) has disallowed ₹ 30,31,633/on account of Mark to Market loss. It is stated that the said disallowance is confirmed in fact the assessing officer had never disallowed 'Mark to Market' loss of ₹ 30,31,633/. In the absence of any fact with regard to the nature of the said transaction, it would not be possible to accept the contention of the revenue with regard to 'Mark to Market' loss. There is no basis to arrive at such conclusion in the facts of the present case. Disallowance of rent expenditure - Held that:- As observed by the Tribunal that the assessee was running his business in the said premises and the said expenditure has been incurred by the assessee for carrying on his business. The said finding is a finding of fact. No substantial question of law arise
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