TMI Blog2016 (11) TMI 1589X X X X Extracts X X X X X X X X Extracts X X X X ..... eculative loss but a business loss. Thus, the above finding of fact led to allowing the loss on account of trading in bullion, being set off as a business loss from the profits made on account of consultancy in mining. This concurrent findings of fact by the CIT(A) and the Tribunal, has not shown to be perverse in any manner. No substantial question of law - INCOME TAX APPEAL NO. 509 OF 2016 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of income for the subject Assessment Year, the Respondent declared an income of ₹ 13.12 Crores. This after setting off loss of ₹ 2.64 Crores (on bullion trading) from a profit of ₹ 16.94 Crores from its consultancy businesses. The Assessing Officer by order dated 27th October, 2010, disallowed the entire loss of ₹ 2.64 Crores (on bullion trading) being speculative loss. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent's appeal holding that the loss of ₹ 2.64 Crores, on bullion trading is a normal business loss and not a speculative loss. Thus, the set off of the same against the profits on consultancy business was allowed. 5. Being aggrieved, the Revenue filed an appeal to the Tribunal. The impugned order of the Tribunal on appreciation of all facts, upheld the view of the CIT(A) and dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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