Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 938 - AT - Income TaxDisallowance of business loss - trading of currency derivatives on recognized exchange - treating the same as speculation in nature - Held that:- As decided in IVF Advertisers Pvt. [2015 (5) TMI 706 - ITAT MUMBA] allowing the appeal, that derivatives include foreign currency. Call options or put options were transactions of derivative markets and could not be termed speculative in nature. Therefore, the loss claimed by the assessee on account of foreign currency futures was allowable. Addition being ROC fees were increased in share capital - Held that:- It is not clear from the record as to whether increase in share capital was for enhancing the working capital or for some fixed capital investment. The AO has also not considered the alternative arguments of assessee with regard to deduction u/s.35D. In the interest of justice, restore this ground for file of AO for deciding afresh as per law. Disallowance u/s.14A - Held that:- No disallowance can be made when there is no exempt income. See Cheminvest Limited vs. CIT [2015 (9) TMI 238 - DELHI HIGH COURT]
|