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2020 (11) TMI 855 - AT - Income TaxAddition of loss on derivate transactions - CIT-A deleted addition - HELD THAT:- Assessee had initially taken a loan of US$ 61 Lakhs on 04-12-2007, which got closed on 04- 06-2008 and has resulted in a loss of ₹ 1,77,81,500/- during the AY.2008-09 and again for the AY.2009-10, there was another loan of US$ 61 Lakhs on 05-06-2008 and on the closing date i.e., on 05-12-2008, this has again resulted in a loss of ₹ 16,99,460/-. CIT(A) has therefore correctly appreciated the facts of the case and has accordingly deleted the addition made by the AO. Ld.DR has not been able to rebut the findings of the CIT(A) with any evidence to the contrary. In view of the same, we see no reason to interfere with the order of the CIT(A) and the appeal of the Revenue is accordingly dismissed.
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