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TMI Blog2019 (3) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... rwal, Advocate ORDER N. K. Billaiya, With this appeal the revenue has challenged the correctness of the order of the CIT(A)-16, New Delhi dated 02.02.2016 pertaining to A. Y. 2010-11. 2. The substantive grievance of the revenue read as under :- 1. Deleting the addition of Rs. 1,05,48,477/- while only sustaining the addition of Rs. 21,80,882/- out of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vour of the assessee. 5. In our considered view when these documents were filed for the first time before the CIT(A) the least he could have done was to call for a remand report from the Assessing Officer. In our understanding of the facts the CIT(A) has violated the basic principles of natural justice. Therefore, this issue is restored to the files of the Assessing Officer.&nb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 43 (5) of the Act the Assessing Officer was of the opinion that such loss is a speculative loss and accordingly disallowed the same. 7. Before the CIT(A) the assessee agitated that the loss of Rs. 1,29,875/- on the transactions carried out by the assessee on MCX. It was claimed that such loss was allowable as a business loss. Strong reliance was placed on the decision of the Hon' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sactions and assessed accordingly. Respectfully following the judgement of Hon'ble High Court of Delhi, the addition of Rs. 12,93,875/- is deleted." 9. Since the FAA has followed the judgment of the Hon'ble Jurisdictional High Court of Delhi, the counsel relied upon the findings of the FAA. 10. A perusal of the assessment order shows that there is some confusion over the exchange w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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