https://www.taxtmi.com/caselaws?id=215933 The Tribunal upheld the Department's appeal, affirming the Assessing Officer's treatment of commodity profit as unexplained cash credit under Section 68 of the Income Tax Act. It ruled that such income cannot be classified under specific heads of income in Section 14 or set off against other income under Section 71. Additionally, the Tribunal upheld the disallowance of the loss from derivative trading of commodities due to lack of substantiating evidence provided by the assessee. en-us Fri, 09 Mar 2012 00:00:00 +0530 Fri, 24 Aug 2012 05:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215933 The Tribunal upheld the Department's appeal, affirming the Assessing Officer's treatment of commodity profit as unexplained cash credit under Section 68 of the Income Tax Act. It ruled that such income cannot be classified under specific heads of income in Section 14 or set off against other income under Section 71. Additionally, the Tribunal upheld the disallowance of the loss from derivative trading of commodities due to lack of substantiating evidence provided by the assessee. Case-Laws Income Tax Fri, 09 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215933