Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1680 - AT - Income TaxDisallowance of Mark to Market loss claimed - AR submitted that the loss was actual component loss and the profit has been accepted by the Assessing Officer and only loss has been disallowed by the Assessing Officer which is not permissible under the Act - Held that:- CIT(A) has given a detailed finding as there was no dispute that the transactions were rendered through recognized registered brokers and notified exchange and each transactions was carried out electronically on screen basis system. This finding was not contradicted by the Ld. DR. Therefore, Ground No. 1 and 2 of the Revenue’s appeal are dismissed. Addition u/s 14A - Held that:- As borrowed money utilised for such investment and therefore, no interest was paid by the assessee. This position was not contradicted by the Ld. DR. Ground No. 3 is dismissed. Therefore, there is no need to interfere with the order of the CIT(A). Hence, appeal of the Revenue is dismissed.
|