https://www.taxtmi.com/caselaws?id=448527 ITAT Bangalore set aside CIT's revision order u/s 263 regarding MCX transaction losses. The assessee claimed hedging losses from MCX transactions as business losses eligible for set-off against other income. CIT held AO's order erroneous for not examining under section 43(5)(a) provisions. ITAT ruled MCX transactions for hedging constitute business losses under section 43(5), not speculative transactions, making them eligible for set-off per CBDT Circular dated 12.09.1960. The tribunal found AO's allowance of losses justified whether classified under section 43(5)(a) or (d). CIT's directions to AO for re-examination without specific findings were deemed insufficient. Order favored assessee. en-us Thu, 18 Jan 2024 00:00:00 +0530 Sat, 20 Jan 2024 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448527 ITAT Bangalore set aside CIT's revision order u/s 263 regarding MCX transaction losses. The assessee claimed hedging losses from MCX transactions as business losses eligible for set-off against other income. CIT held AO's order erroneous for not examining under section 43(5)(a) provisions. ITAT ruled MCX transactions for hedging constitute business losses under section 43(5), not speculative transactions, making them eligible for set-off per CBDT Circular dated 12.09.1960. The tribunal found AO's allowance of losses justified whether classified under section 43(5)(a) or (d). CIT's directions to AO for re-examination without specific findings were deemed insufficient. Order favored assessee. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448527