Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 472 - AT - Income TaxDisallowance of claim for loss - trading loss claimed by the assessee in the transactions of gold and diamonds with the closely held/related parties - HELD THAT:- Tribunal thus passed a well-considered and a well-discussed order and decided the similar issue involved in AY 2009-10 [2017 (1) TMI 1759 - ITAT AHMEDABAD] in favour of the assessee after taking into consideration all the facts of the case as well as the arguments raised by both the sides. . At the time of hearing before us, even though the learned DR has contended that every assessment year is separate and the similar loss incurred by the assessee in the similar transaction year after year cannot be accepted being artificial one, he has not been able to point out any distinction in the facts involved in the year under consideration vis-à-vis the facts involved in AYs 2009-10 [2017 (1) TMI 1759 - ITAT AHMEDABAD] and 2011-12 [2021 (8) TMI 983 - ITAT AHMEDABAD] wherein a similar issue is decided by the Tribunal in favour of the assessee. He has also not been able to support and substantiate his contention that the loss in question claimed by the assessee and supported by the relevant documentary evidence in the form of bills/vouchers, complete quantitative details, audited books of account etc… is an artificial loss. We, therefore, find no justifiable reason to take a different view on this issue in the year under consideration than the view taken by the Tribunal in AYs 2009-10 and 2011-12 by passing a well discussed and well reasoned order. - Decided in favour of assessee.
|