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2018 (12) TMI 1066 - AT - Income TaxDisallowance of loss made by the assessee on account of Derivative Trading - Held that:- Genuineness of the transactions made by the assessee on MCX Stock Exchange Ltd. through broker was duly established and the action of the authorities below in disallowing the claim of the assessee for the resultant loss in dealing in currency derivatives is not tenable. Therefore, delete the said disallowance and allow the appeal of the assessee. Disallowance u/s 14A r.w.r. 8D - Held that:- Admittedly, there is no exempt income earned during the year and hence not disallowance can be made u/s 14A r.w.r. 8D, as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. Ashika Global Securities Ltd. [2018 (7) TMI 1425 - CALCUTTA HIGH COURT]. Also see CHEMINVEST LIMITED VERSUS COMMISSIONER OF INCOME TAX-VI [2015 (9) TMI 238 - DELHI HIGH COURT]
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