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2018 (4) TMI 874 - AT - Income TaxTreating loss from derivative transactions as loss from speculation business - not allowing the setting off of this loss against regular business income and income from other sources - Held that:- It is not clear from the records that whether the assessee had made any factual submissions before the ld AO that the loss of ₹ 19,63,492/- was incurred out of derivative transactions are not. We are not able to ascertain the same from the paper book filed by the assessee except placing reliance on Form 10DB filed by the ld AR. No doubt, if the said loss is incurred from derivative transactions, the same would not be speculation loss in terms of section 43(5)(d) of the Act. This requires factual verification by the ld AO. Hence we deem it fit and appropriate, in the interest of justice and fairplay, to remand this issue to the file of ld AO for denovo adjudication. The assessee is at liberty to furnish necessary documents and evidences in this regard in support of his contentions. Addition u/s 68 - unexplained cash credit - Held that:- Some of the loan creditors had in fact appeared before the ld AO in response to the summons issued u/s 131 of the Act. The ld AO had not given any credit even for the parties who had appeared before him in response to summons u/s 131 of the Act. The assessee had also stated that more parties could have been produced before the ld AO during remand proceedings but for the sickness of the assessee. In these circumstances, we deem it fit and appropriate, in the interest of justice and fair play, to remand this issue to the file of the ld AO for de novo adjudication to give one more opportunity to the assessee to produce the parties who were not produced earlier before the ld AO. Accordingly, the Ground Nos. 2(a) to 2(c ) raised by the assessee are allowed for statistical purposes.
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