https://www.taxtmi.com/caselaws?id=286739 The case involved the allowability of losses incurred on future trading. The Assessing Officer disallowed the loss claimed by the assessee, considering it notional. The CIT(A) upheld this decision, disallowing the loss and enhancing income. However, the ITAT ruled in favor of the assessee, stating that the losses were actual and settled daily, making them allowable. Similar reasoning was applied in a related case, resulting in the allowance of losses claimed by the assessee in both instances. en-us Fri, 25 Jun 2010 00:00:00 +0530 Fri, 13 Mar 2020 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286739 The case involved the allowability of losses incurred on future trading. The Assessing Officer disallowed the loss claimed by the assessee, considering it notional. The CIT(A) upheld this decision, disallowing the loss and enhancing income. However, the ITAT ruled in favor of the assessee, stating that the losses were actual and settled daily, making them allowable. Similar reasoning was applied in a related case, resulting in the allowance of losses claimed by the assessee in both instances. Case-Laws Income Tax Fri, 25 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286739