https://www.taxtmi.com/caselaws?id=325403 The Tribunal ruled in favor of the Assessee, directing the deletion of additions made by the AO and CIT(A) related to the assessed income from profit in future and option transactions under section 68. The Tribunal held that if income cannot be taxed under any head, it cannot be taxed at all, and as the AO did not specify any provision for separate taxation, the addition was deleted. Additionally, the Tribunal disagreed with the addition of deemed interest income, stating that notional income on lending cannot be taxed. en-us Wed, 03 Feb 2016 00:00:00 +0530 Fri, 18 Mar 2016 08:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325403 The Tribunal ruled in favor of the Assessee, directing the deletion of additions made by the AO and CIT(A) related to the assessed income from profit in future and option transactions under section 68. The Tribunal held that if income cannot be taxed under any head, it cannot be taxed at all, and as the AO did not specify any provision for separate taxation, the addition was deleted. Additionally, the Tribunal disagreed with the addition of deemed interest income, stating that notional income on lending cannot be taxed. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325403