https://www.taxtmi.com/caselaws?id=448443 ITAT Mumbai upheld CIT(A)'s decision allowing assessee to set off commodity trading losses against business profits rather than restricting them as speculative losses under Section 43(5). The assessee suffered losses from NSEL scam through commodity derivatives trading. AO treated losses as speculative due to inadequate separate account maintenance, limiting set-off to speculative gains only per Section 73. CIT(A) found all transactions non-speculative in nature. ITAT confirmed relief following precedent in Nirshilp Securities case, holding NSEL commodity transactions were paired purchase-sale backed by warehouse receipts with actual delivery, thus falling outside speculative transaction definition. Revenue's appeal dismissed. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 18 Jan 2024 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448443 ITAT Mumbai upheld CIT(A)'s decision allowing assessee to set off commodity trading losses against business profits rather than restricting them as speculative losses under Section 43(5). The assessee suffered losses from NSEL scam through commodity derivatives trading. AO treated losses as speculative due to inadequate separate account maintenance, limiting set-off to speculative gains only per Section 73. CIT(A) found all transactions non-speculative in nature. ITAT confirmed relief following precedent in Nirshilp Securities case, holding NSEL commodity transactions were paired purchase-sale backed by warehouse receipts with actual delivery, thus falling outside speculative transaction definition. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448443