2023 (6) TMI 1423

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..... ner of Income-tax (Appeals) (hereinafter referred to as CIT(A) is opposed to law and facts of the case. 2. That on the facts and circumstances of the case, Ld. CIT(A) has erred in law in confirming an addition of loss of Rs. 61,33,487/- and is liable to be deleted. 3. That on the facts and circumstances of the case, ld. CIT(A) has erred in law in holding that loss on trading in currency as speculative loss instead of normal business loss and thereby not allowing the adjustment of the loss of Rs. 61,33,487/- with the normal income is arbitrary, illegal and not in accordance with law. 4. That on the facts and circumstances of the case, ld. CIT(A) has erred in not interpreting of CBDT instruction regarding allowability of losses on accou .....

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..... ld. CIT(A) where the appeal filed by the assessee was dismissed by sustaining the order passed by the ld. AO. 4. Aggrieved by the above order, assessee is in appeal before the Tribunal. 5. At the time of hearing, ld. counsel for the assessee submitted that the ld. CIT(A) has erred in law by holding that the loss in trading in currency as speculative loss and thereby ld. AO not allowing the claim of assessee to adjust with the normal income of assessee is a arbitrary order and it becomes illegal to the provisions of law. In such a situation, the impugned order passed by ld. CIT(A) needs to be set aside. The ld. counsel for the assessee submitted that the assessee had entered into derivative transactions in foreign currency through SEBI reg .....

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..... the Hon'ble Supreme Court in the case of Snow Ten Investment Ltd. vs PCIT, Central-21, Kolkata reported in 2019 SCC Online SC 749 and in paragraph nos. 3 to 5, 14, 18, 25, 26, 33 & 34 in support of his submission that the losses having arisen from trading in futures and options were not profits from speculative business. Therefore, he submitted that the loss arising from non- speculative in nature may be allowed to be adjusted with the normal business of the assessee. 6. On the other hand, ld. DR supported the order rendered by the authorities below. 7. We have heard the rival contention and perused the material available on record. We find that the impugned order passed by the ld. CIT(A) by which sustaining the order passed by the AO di .....

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