Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 267 - AT - Income TaxRevision u/s 263 - losses in future and set off against profit on sale of land - as per CIT AO should not have allowed losses in futures u/s. 73(4) because the main business of the assessee is sale of land and therefore losses in futures being speculative loss could not have been allowed - HELD THAT:- The argument of the ld. D/R regarding the amendment of section 73 does not apply in respect of transactions undertaken in derivatives on recognized Stock Exchange and these transactions are out of ambit of this amendment. Therefore, there is no force in the argument of ld. D/R on this point. Similar issue has been adjudicated in the case of M/s. Jeenec Solution Pvt. Ltd. [2020 (3) TMI 1411 - ITAT AHMEDABAD] wherein one of us was co-author, and following the earlier decision [2018 (11) TMI 551 - ITAT AHMEDABAD] decided the matter in favour of the assessee. Therefore, following the decisions discussed hereinabove and considering the totality of facts and circumstances of the case, the appeal of assessee is allowed.
|