https://www.taxtmi.com/caselaws?id=341898 The Tribunal partly allowed the appeal, directing the AO to verify the nature of the transactions and, if found to be part of a composite arbitrage/hedging mechanism, to accept the additional income offered by the assessee and allow the adjustment of non-speculative income against the loss. The AO was also directed to rectify the error in the assessed income. The Tribunal emphasized the need for adequate opportunity for the assessee to present their case during the verification process. en-us Fri, 07 Apr 2017 00:00:00 +0530 Thu, 20 Apr 2017 12:57:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341898 The Tribunal partly allowed the appeal, directing the AO to verify the nature of the transactions and, if found to be part of a composite arbitrage/hedging mechanism, to accept the additional income offered by the assessee and allow the adjustment of non-speculative income against the loss. The AO was also directed to rectify the error in the assessed income. The Tribunal emphasized the need for adequate opportunity for the assessee to present their case during the verification process. Case-Laws Income Tax Fri, 07 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341898