https://www.taxtmi.com/caselaws?id=260712 The tribunal dismissed the Revenue's appeal, ruling in favor of the assessee. It concluded that the speculation loss from trading in gold bullions was not speculative but normal business activity aimed at earning profit. The tribunal also upheld that expenses related to trading in gold were legitimate business expenses, rejecting the Department's claim of speculation. The issue of violation of Rule 46A of the Income Tax Rules was dismissed as not pressed by the Department, leading to the overall decision in favor of the assessee. en-us Wed, 10 Jun 2015 00:00:00 +0530 Mon, 22 Jun 2015 06:26:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260712 The tribunal dismissed the Revenue's appeal, ruling in favor of the assessee. It concluded that the speculation loss from trading in gold bullions was not speculative but normal business activity aimed at earning profit. The tribunal also upheld that expenses related to trading in gold were legitimate business expenses, rejecting the Department's claim of speculation. The issue of violation of Rule 46A of the Income Tax Rules was dismissed as not pressed by the Department, leading to the overall decision in favor of the assessee. Case-Laws Income Tax Wed, 10 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260712