https://www.taxtmi.com/caselaws?id=756829 ITAT Cuttack remanded matters to AO for fresh examination regarding derivative transactions and foreign exchange losses. The tribunal found CIT(A) incorrectly applied section 43(5)(a) instead of claimed section 43(5)(d). AO directed to verify if derivative transactions were conducted through recognized stock exchanges as required under sections 43(5)(d) and 43(5)(e), and if compliant, treat as normal business transactions rather than speculative. Additionally, AO must re-examine unsecured loans from Outram Properties Pvt Ltd, verifying their return filing and financial capacity before deciding the issue. en-us Thu, 11 Jul 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756829 ITAT Cuttack remanded matters to AO for fresh examination regarding derivative transactions and foreign exchange losses. The tribunal found CIT(A) incorrectly applied section 43(5)(a) instead of claimed section 43(5)(d). AO directed to verify if derivative transactions were conducted through recognized stock exchanges as required under sections 43(5)(d) and 43(5)(e), and if compliant, treat as normal business transactions rather than speculative. Additionally, AO must re-examine unsecured loans from Outram Properties Pvt Ltd, verifying their return filing and financial capacity before deciding the issue. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756829