https://www.taxtmi.com/caselaws?id=358763 The Income Tax Appellate Tribunal (ITAT) remanded the issue of treating loss from derivative transactions as speculation loss to the Assessing Officer (AO) for factual verification, emphasizing the need for evidence before determining set-off eligibility. Regarding the addition of unsecured loans under section 68 of the Income Tax Act, the ITAT upheld the addition due to insufficient proof of creditors' creditworthiness and transaction genuineness. The appellant was granted the opportunity to present missing creditors for verification. The decision highlighted the importance of factual verification and providing the appellant with a fair chance to substantiate claims. en-us Fri, 13 Apr 2018 00:00:00 +0530 Wed, 18 Apr 2018 06:27:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358763 The Income Tax Appellate Tribunal (ITAT) remanded the issue of treating loss from derivative transactions as speculation loss to the Assessing Officer (AO) for factual verification, emphasizing the need for evidence before determining set-off eligibility. Regarding the addition of unsecured loans under section 68 of the Income Tax Act, the ITAT upheld the addition due to insufficient proof of creditors' creditworthiness and transaction genuineness. The appellant was granted the opportunity to present missing creditors for verification. The decision highlighted the importance of factual verification and providing the appellant with a fair chance to substantiate claims. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358763