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2018 (4) TMI 310 - AT - Income TaxAddition on commission or profit from MCX - profit derived from trading through Multi commodity exchange - Held that:- In the present case, it appears that the assessee was not the member of the exchange MCX rather she was acting through Shri. Raman Kumar Grover who was member of Multi Commodity Exchange of India Limited (MCX) and later on he was declared as defaulter. The assessee also furnished a certificate issued by Raman Kumar Grover, copy of which is placed at page no. 49 of the assessee’s paper book in the said letter it is clearly mentioned that the assessee earned commission of ₹ 1,51,357/- and was neither entitled to nor received any other commission or profit from MCX India Limited for the year ended on 31.3.2010. However, the said letter was not available either to the AO or to the learned CIT(A) but it goes to the root of the matter, to resolve the present controversy. We, therefore, deem it appropriate to set aside this issue back to the file of the AO to be adjudicated afresh in accordance with law after providing due and reasonable opportunity of being heard to the assessee. - Appeal of the assessee is allowed for statistical purposes
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