https://www.taxtmi.com/caselaws?id=470545 Speculative loss on commodity transactions cannot be disallowed as bogus merely because an FMC report identifies artificial trading practices by other members or clients. The report may warrant further investigation, but disallowance requires assessee-specific evidence that trades were non-genuine. The Revenue neither verified contract notes and trading data with the exchange nor investigated counterparties, and the remand report found no bogus or accommodation entries involving the assessee or its broker. A broker's penalty for an unrelated trade was not probative. The speculative loss was therefore allowable and the disallowance unsustainable. en-us Thu, 27 Jul 2017 00:00:00 +0530 Thu, 30 Jul 2026 17:10:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470545 Speculative loss on commodity transactions cannot be disallowed as bogus merely because an FMC report identifies artificial trading practices by other members or clients. The report may warrant further investigation, but disallowance requires assessee-specific evidence that trades were non-genuine. The Revenue neither verified contract notes and trading data with the exchange nor investigated counterparties, and the remand report found no bogus or accommodation entries involving the assessee or its broker. A broker's penalty for an unrelated trade was not probative. The speculative loss was therefore allowable and the disallowance unsustainable. Case-Laws Income Tax Thu, 27 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470545