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2022 (5) TMI 509 - AT - Income TaxAddition u/s 68 - disallowance of the claim from F & O trading - profit from F & O trading was to be assessed either as business income or under either of the heads of income A to F of section 14 - HELD THAT:- As assessee has already declared the said income from business and offered for taxation in his return. How the same is required to be considered as undisclosed as income is not understood able. The CIT(A) has relied upon the decision in the case of Margaret’s Hope Tea Co. Ltd. [1990 (8) TMI 12 - CALCUTTA HIGH COURT] - The facts are not distinguishable at this stage. The CIT(A) has rightly adjudicated the matter of considered by giving the detail reasons. No incriminating material is available on record to interfere with the finding of the CIT(A). In view of the said circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfered with at this appellate stage. Accordingly, both the issues are decided in favour of the assessee against the revenue. Addition being the brokerage and commission u/s 69C - Non-Applicability of Sec. 115BBE - whether amended provision of Section 115BBE is liable to be applicable in the present case also or not? - HELD THAT:- The notification speaks about the applicability w.e.f. 01.04.2017 onwards. The present case is the case for the A.Y.2015-16. The expenses having explained and considered by CIT(A) in view of the decision in case of T. A. Quereshi [2006 (12) TMI 91 - SUPREME COURT]. We nowhere found any reason to interfere with the finding of the CIT(A) on this issue, therefore, we are of the view that the finding of the CIT(A) in quite correct which is not liable to be interfere with at this appellate stage. Accordingly, this issue is decided in favour of the assessee against the revenue.
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