2013 (7) TMI 736

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....s in appeal against the judgment of the Income-tax Appellate Tribunal dated 21.10.201 raising following questions for our consideration:-      "(1) Whether on facts and in the circumstances of the case, the Tribunal is right in law in interpretation of Section 28 read with Section 37 in confirming the disallowance of Rs. 9,99,41,056/- on account of Forex Trading Loss in Fore....

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.... assessee was a partner in one M/s. M. Kantilal Exports. Partnership firm was engaged in the business of diamond exports. During the previous year relevant to the assessment year 2007-08, the appellant, for and on behalf of the partnership firm, entered into several foreign currency transactions, which resulted into a total loss of Rs. 9,99,41,056/- on account of foreign exchange trading loss. The....

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.... material on records and have gone through the orders of authorities below and the judgments cited by the Ld. A.R. First we decide as to whether the claim of the assessee in the hands of Shri P.M. Kheni, a partner of the firm M/s. M. Kantilal Exports is allowable or not. We find that in para 4.4 of the assessment order, it is held by the A.O. that there is no provision in the Act to allocate the l....

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.... contract notes are also in the name of the firm, such loss cannot be claimed by individual being a partner of the firm. Hence, ground No.1 of the appeal in the case of individual P M Kheni is rejected." 5. We are broadly in agreement with the view of the Tribunal. It is undisputed that the investment was made in the name of the firm. The amount invested was also from the account of the firm. T....