https://www.taxtmi.com/caselaws?id=265313 The ITAT dismissed the appeal regarding the disallowance of the loss in NCDEX transactions as speculative, upholding the CIT(A)'s decision based on the transactions not being recognized and following precedent. Regarding the penalty under Section 271(1)(b) of the Income Tax Act, the ITAT allowed the appeal, deleting the penalty of &8377;10,000 imposed for non-compliance of notices due to illness. The ITAT found the illness to be a valid reason for non-attendance, concluding that there was no intention to avoid notices, and thus, the penalty was unjustified. en-us Tue, 11 Aug 2015 00:00:00 +0530 Wed, 09 Sep 2015 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265313 The ITAT dismissed the appeal regarding the disallowance of the loss in NCDEX transactions as speculative, upholding the CIT(A)'s decision based on the transactions not being recognized and following precedent. Regarding the penalty under Section 271(1)(b) of the Income Tax Act, the ITAT allowed the appeal, deleting the penalty of &8377;10,000 imposed for non-compliance of notices due to illness. The ITAT found the illness to be a valid reason for non-attendance, concluding that there was no intention to avoid notices, and thus, the penalty was unjustified. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265313