https://www.taxtmi.com/caselaws?id=398923 The ITAT allowed the appeal filed by the assessee, directing the AO to delete the disallowance of the loss incurred from NMCE and to allow the set-off against the profit from MCX. The ITAT dismissed the appeals filed by the revenue for the assessment years 2009-10 and 2011-12, upholding the CIT(A)'s decision to allow the set-off of speculative loss against speculative profit. The ITAT emphasized that the business of trading in commodity derivatives on different exchanges should be treated as one business for taxation purposes, irrespective of the recognition status of the exchanges under section 43(5)(e) of the Income Tax Act, 1961. en-us Fri, 24 Jul 2020 00:00:00 +0530 Mon, 28 Sep 2020 08:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398923 The ITAT allowed the appeal filed by the assessee, directing the AO to delete the disallowance of the loss incurred from NMCE and to allow the set-off against the profit from MCX. The ITAT dismissed the appeals filed by the revenue for the assessment years 2009-10 and 2011-12, upholding the CIT(A)'s decision to allow the set-off of speculative loss against speculative profit. The ITAT emphasized that the business of trading in commodity derivatives on different exchanges should be treated as one business for taxation purposes, irrespective of the recognition status of the exchanges under section 43(5)(e) of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398923