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2009 (7) TMI 108 - HC - Income TaxSpeculative Transactions – AO/CIT/ITAT fond that the assessee has failed to explain as to whether and in what circumstances the purchases and sales were made and thus came to the conclusion and held that the assessee failed to substantiate its claim about the transactions coming within the ambit of Section 43(5)(b) and the loss under consideration as a “speculative loss” and not of the nature of “hedging loss” as claimed by the assessee – regarding claim of bad debts of from sister concerns - Tribunal found out that sole intention of the assessee was to help other sister companies therefore claim of bad debts not allowed – held that – ITAT is correct is deciding the issue – decided in favor of revenue and against the assessee – the claim of bad debts as claimed by the appellant and treating the same as business loss, cannot be accepted in view of the fact that the assessee had granted accommodation to its sister concern only
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