https://www.taxtmi.com/caselaws?id=444798 The ITAT Kolkata ruled in favor of the assessee on both issues. On the first issue, the ITAT directed the AO to delete the addition of Rs. 6,63,623 related to forward transactions of Future/option, as the losses were not claimed in the return and the transactions were properly squared off. On the second issue, the ITAT found the disallowance of Rs. 2,05,000 for interest on unsecured loans to be unjustified, as the loans were used for business purposes. The ITAT set aside the CIT(A)'s orders, allowing the appeal. en-us Thu, 12 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444798 The ITAT Kolkata ruled in favor of the assessee on both issues. On the first issue, the ITAT directed the AO to delete the addition of Rs. 6,63,623 related to forward transactions of Future/option, as the losses were not claimed in the return and the transactions were properly squared off. On the second issue, the ITAT found the disallowance of Rs. 2,05,000 for interest on unsecured loans to be unjustified, as the loans were used for business purposes. The ITAT set aside the CIT(A)'s orders, allowing the appeal. Case-Laws Income Tax Thu, 12 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444798