2013 (5) TMI 130

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.... Mr Deepak Anand, Mr Anshum Jain and Mr Rahul Kochar ORDER Allowed subject to all just exceptions. ITA 145/2013 This appeal has been filed by the assessee being aggrieved by the order dated 12.10.2012 passed by the Income Tax Appellate Tribunal, New Delhi in ITA 99/Del/2011 pertaining to the assessment year 2007-08. The Assessing Officer had made an addition of Rs. 3,12,90,375/- by ....

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....bunal was with regard to the nature of the loss and not the factum of the loss. In other words, what the learned counsel for the appellant has submitted is that the Tribunal was to decide as to whether the loss incurred by the assessee was speculative in nature or was it by way of damages for breach of contract as claimed by the assessee. The issue of genuineness of the loss was not in question at....

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....at the genuineness of the loss has not been questioned by the Assessing Officer and, therefore, the Tribunal has also not felt it proper to examine the question of genuineness. That was a finding of fact which stood established. The only question that the Tribunal needed to determine was whether the loss was in the nature of a speculative loss or not. We have also heard the learned counsel for ....