https://www.taxtmi.com/caselaws?id=415536 The Tribunal dismissed all appeals of the Revenue and partly allowed the appeal of the assessee for A.Y. 2012-13. The Tribunal found that the appeals filed by the Revenue were not time-barred, deleted the disallowance of forward contract loss treated as speculative loss, adhoc disallowance of miscellaneous expenses, and restricted disallowance under Section 14A to exempt income. Additionally, the Tribunal directed the AO to compute and tax only the profit portion on the sale of polished diamonds and applied specific rates for the difference in stock of rough diamonds, partly in favor of the assessee. en-us Mon, 29 Nov 2021 00:00:00 +0530 Fri, 02 Dec 2022 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415536 The Tribunal dismissed all appeals of the Revenue and partly allowed the appeal of the assessee for A.Y. 2012-13. The Tribunal found that the appeals filed by the Revenue were not time-barred, deleted the disallowance of forward contract loss treated as speculative loss, adhoc disallowance of miscellaneous expenses, and restricted disallowance under Section 14A to exempt income. Additionally, the Tribunal directed the AO to compute and tax only the profit portion on the sale of polished diamonds and applied specific rates for the difference in stock of rough diamonds, partly in favor of the assessee. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415536