https://www.taxtmi.com/caselaws?id=314515 ITAT Kolkata dismissed Revenue's appeal on three grounds. First, following Calcutta HC precedent in Ashika Global Securities Limited, no disallowance under section 14A read with Rule 8D was warranted as assessee earned no exempt income during the relevant year. Second, depreciation on software was properly allowed since AO had permitted it in preceding year, making the software part of the asset block regardless of actual business utilization. Third, share trading and commodity derivative losses were correctly treated as normal business losses rather than speculative, following Calcutta HC decision in Asian Financial Services Limited that Explanation to Section 73 doesn't apply to commodity trading losses. en-us Thu, 22 Oct 2020 00:00:00 +0530 Sat, 15 Jun 2024 18:29:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314515 ITAT Kolkata dismissed Revenue's appeal on three grounds. First, following Calcutta HC precedent in Ashika Global Securities Limited, no disallowance under section 14A read with Rule 8D was warranted as assessee earned no exempt income during the relevant year. Second, depreciation on software was properly allowed since AO had permitted it in preceding year, making the software part of the asset block regardless of actual business utilization. Third, share trading and commodity derivative losses were correctly treated as normal business losses rather than speculative, following Calcutta HC decision in Asian Financial Services Limited that Explanation to Section 73 doesn't apply to commodity trading losses. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314515