https://www.taxtmi.com/caselaws?id=438827 The appeal was allowed in favor of the assessee on both grounds. The additional disallowance made under Section 14A was found to be unsustainable due to the Assessing Officer's failure to provide objective satisfaction before applying Rule 8D(2). Regarding the treatment of losses as speculative losses under Section 73, the Tribunal determined that the transactions were not speculative as they were part of the assessee's normal business activities, involving jobbing transactions and arbitrage activities. Therefore, the set-off of losses was allowed, and the AO was directed to re-compute the income accordingly. en-us Wed, 07 Jun 2023 00:00:00 +0530 Fri, 09 Jun 2023 08:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438827 The appeal was allowed in favor of the assessee on both grounds. The additional disallowance made under Section 14A was found to be unsustainable due to the Assessing Officer's failure to provide objective satisfaction before applying Rule 8D(2). Regarding the treatment of losses as speculative losses under Section 73, the Tribunal determined that the transactions were not speculative as they were part of the assessee's normal business activities, involving jobbing transactions and arbitrage activities. Therefore, the set-off of losses was allowed, and the AO was directed to re-compute the income accordingly. Case-Laws Income Tax Wed, 07 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438827