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2019 (6) TMI 1250 - ITAT INDOREDisallowance of loss of trading in commodity exchange - speculation loss or normal business loss - set off against the profits and gains of business u/s 44AD - failure to get account audited u/s 44AB - HELD THAT:- Records shows that the assessee has filed the detailed statement of transactions carried out for commodity trading from KARVY Commodities Ltd. There is no finding by both the lower authorities challenging the genuineness of the commodity trading transactions entered during the year and the amount of loss suffered by the assessee. However in the instant case no question has been raised for the genuineness of the trading loss. It is true that it has been disclosed under head income from other source but according to Section 71(1) of the Act assessee is entitled to set off this commodity trading from income under the head Business & profession and income from other sources. We accordingly direct the revenue authorities to allow the assessee’s claim of commodity trading loss by way of set off to the extent of income under other heads for the year under appeal. Certainly assessee will be allowed to carry forward the loss to the subsequent years. Addition u/s 68 regarding opening cash balance - source of opening cash balance - HELD THAT:- Assessee has not provided any details in the shape of balance sheet or statement of affairs for the immediate preceding Assessment Year 2013-14. In the given facts and circumstances of the case it seems that the assessee’s claim of having opening cash balance of ₹ 17,92,999/- is baseless and devoid of merit. Further Ld. Counsel for the assessee failed to make any submission which shows that assessee has no credible documentary evidences to support this ground. We therefore have no option left except to dismiss the assessee’s Ground.
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