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2015 (4) TMI 828 - GUJARAT HIGH COURT

2015 (4) TMI 828 - GUJARAT HIGH COURT - TMI - Addition on account of hedging loss treated as speculation loss - ITAT deleted part addition accepting additional evidence - Held that:- As before the learned CIT(A) the assessee filed the monthly purchase and sale quantity of gold on actual basis and purchase and sale quantity of gold in MCX in Excel sheet, which was carved out from the bills issued by MCX during the year and which were already before the Assessing Officer and, therefore, it cannot .....

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CIT(A) restricting the additions made by the Assessing Officer on account of hedging loss treating it as speculation loss to ₹ 1,01,417/- instead of ₹ 1,06,65,670/-. No substantial question of law arises. - Decided against revenue. - TAX APPEAL NO. 160 of 2015 - Dated:- 25-3-2015 - MR. M.R. SHAH AND MR. S.H.VORA, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR TEJ SHAH, ADVOCATE JUDGMENT (PER : HONOURABLE MR.JUSTICE M.R. SHAH) (1.0) Feeling aggrieved and di .....

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d of ₹ 1,06,65,670/-, the revenue has preferred the present Tax Appeal with the following proposed substantial questions of law; (A) Whether the Appellate Tribunal has substantially erred in restricting the addition made by the Assessing Officer on account of hedging loss treated as speculation loss to ₹ 1,01,417/- instead of ₹ 1,06,65,670/-? (B) Whether the Appellate Tribunal has substantially erred in admitting additional evidence furnished before the CIT(A) without giving re .....

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Act (hereinafter referred to as the Act ). The case of the assessee was selected for scrutiny and statutory notice under Section 143(3) of the Act was issued. On verification of the trading account, it was found that the assessee had debited the amount of ₹ 1,06,65,670/- as MCX trading difference. The Assessing Officer considered the said transaction as speculative in nature. A show cause notice was issued to the assessee asking it to show cause as to why the MCX loss should not be treated .....

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aimed treating it as speculation loss within the meaning of Section 43(5) of the Act and consequently the assessed the income of the assessee at ₹ 1,18,82,830/-. (2.1) Feeling aggrieved and dissatisfied with the assessment order passed by the Assessing Officer, the assessee preferred appeal before the learned CIT(A) and considered the material / materials, which were already produced before the Assessing Officer and considered the monthly purchase and sale quantity of gold on actual basis .....

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erred in law and in facts in restricting the addition made by the Assessing Officer on the account of hedging loss treating it as speculation loss to ₹ 1,01,417/- instead of ₹ 1,06,65,670/- admitting the additional evidence furnished before him without giving an opportunity to the Assessing Officer in violation of Rule 46(A)(3) of the Income Tax Rules, 1962. By the impugned judgment and order the learned ITAT has dismissed the said appeal by observing that as such all the materials, .....

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peal preferred by the revenue confirming the order passed by the learned CIT(A) restricting the addition made by the Assessing Officer on the ground of hedging loss treating it as speculation loss at ₹ 1,01,417/- instead of ₹ 1,06,65,670/-. (2.3) Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned ITAT, the revenue has preferred the present Tax Appeal with the aforesaid proposed questions of law. (3.0) Shri Manish Bhatt, learned Counsel appea .....

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