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2018 (3) TMI 731

ery based since not executed in a recognized exchange. It fails to dispute the fact that the relevant exchange i.e. MCX stock exchange stood recognized w.e.f. financial year 2013-14. It has come on record that in case of Vimal Oil & Foods Ltd. (2015 (8) TMI 70 - ITAT AHMEDABAD) has followed assessee’s case itself in preceding assessment year 2011-12 as held that such a subsequent notification of stock exchange covers preceding assessment years as well. This is not the Revenue’s case that the CIT(A)’s identical findings in preceding assessment year 2011-12 have not attained finality. - Decided against revenue. - ITA Nos. 2115 And 2116/Ahd/2016 - Dated:- 13-3-2018 - SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI S. S. GODARA, JUDICIAL MEMBER .....

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ery issue in preceding assessment year 2011-12 in concluding that although the MCX stock exchange in question stood recognized as per notification no.92/2013 dated 29.01.2013, the same however would not cover its case since falling in earlier assessment years. All this made the Assessing Officer to hold that the assessee s transactions in question were non delivery based as carried out in exchange not notified u/s.43(5)(d) of the Act. 4. The assessee preferred appeal. The CIT(A) reverses the Assessing Officer s above action disallowing its claim as under: 5.2 Regarding the disallowance of MCX trading loss of ₹ 42,55,595/-, I have perused the submissions filed by the appellant and the same have been placed on record. It is seen that on .....

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ub Section 92) of Securities Contract (Regulation) Act, 1956 canned out in a recognized Stock Exchange shall not be deemed to be speculative transactions. Thus, from 1st April, 2006 trading in derivative carried through the recognized Stock Exchange was treated as non-speculative transactions. For the purpose of clause (d), Rule 6DDA and 6DDB of IT Rules, 1962, provided that notification of recognised Stock Exchange has to be done by the Central Govt (CBDT). In pursuance of this Rule, the CBDT has notified the MCX Stock Exchange Ltd. by S.O. 1327 (E) dated 22.04.2990. The issue in such notification given on 22.05.2009, by which MCX stock Exchange has been recognized, could be held to be applicable for the transaction undertaken in the A.Y. .....

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of proviso to section 43(5). 6, In view of the above, the Assessing Officer is directed to delete the disallowance of loss of ₹ 4,82,270/- incurred by assessee company on trade in commodity derivates." As the facts of the appellant's case is identical to the facts of the case decided by the Hon'ble ITAT, Ahmedabad, by respectfully following the order of the jurisdictional ITAT, Ahmedabad, the additions made by the AO deserve to be deleted, hence these are deleted. This ground of appeal is allowed. 5.3 The facts of the case are identical in this year also. By respectfully following the order of my predecessor as well as hon ble Tribunal, the additions made by the AO are deleted. Therefore, this ground of appeal is allowed. .....

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