https://www.taxtmi.com/caselaws?id=437255 The Tribunal allowed the Revenue's appeal against the deletion of disallowance of a bogus loss claimed by the assessee from currency derivative transactions. The CIT(A)'s decision was overturned as it failed to adequately address critical observations by the AO, indicating the loss was not genuine. The Tribunal emphasized the need to scrutinize apparent transactions for their reality and remanded the case back to the CIT(A) for re-evaluation. As a result, the appeal was allowed for statistical purposes. en-us Wed, 26 Apr 2023 00:00:00 +0530 Tue, 02 May 2023 09:21:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437255 The Tribunal allowed the Revenue's appeal against the deletion of disallowance of a bogus loss claimed by the assessee from currency derivative transactions. The CIT(A)'s decision was overturned as it failed to adequately address critical observations by the AO, indicating the loss was not genuine. The Tribunal emphasized the need to scrutinize apparent transactions for their reality and remanded the case back to the CIT(A) for re-evaluation. As a result, the appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437255