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2022 (5) TMI 769 - AT - Income TaxBusiness loss incurred by the appellant on purchase and sale of guargum - Treated as a speculation loss and it cannot be set off against the business profit of the appellant - As argued appellant had paid for the purchase of guargum through banking channel and therefore, transaction of purchase was a genuine transaction - HELD THAT:- As mentioned in the assessment order that assessee had filed audit report in Form No. 3CB and 3CD. However, the AO has not mentioned whether any quantitative details of the "guargum" were filed or not!. The assessee claims that assessee had purchased and sold 160 tonnes of "guargum". The assessee has also filed copy of the godown receipt for the month of March 2005. Assessee specifically stated that said receipts were filed before AO. As mentioned in the assessment order that no details were filed. Therefore, in the interest of the justice, the issue is set-aside to the file of the Assessing Officer to verify all the bills, godown receipts afresh. The AO will also verify whether any stock statement was submitted alongwith Audit Report. The assessee is directed to submit all the details before the Assessing Officer. The Assessing Officer is directed to provide an opportunity of being heard to the assessee, accordingly, grounds raised by the assessee are allowed for statistical purpose.
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