2018 (7) TMI 658

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....vocate appears. For the Respondent : Mr. Agnibesh Sengupta,Advocate appears. Ms. Mudrika Khaitan,Advocate appears. ORDER The Court :- The Revenue seeks to assail an order of the Appellate Tribunal of May 8, 2014 pertaining to two aspects thereof: the ground of speculative transaction as raised by the assessing officer and upheld by the Dispute Resolution Panel: and, the date which has to ....

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....s that the assessee did not honour its commitment to take delivery against some purchase orders placed on foreign sellers consequent upon the price of palm oil declining. The assessee, however, accepted the foreign sellers' claims for damages and settled the matter and claimed the same as a loss. There were several transactions which the Assessing Officer referred to as speculative transactions....

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....sequence thereof. The Appellate Tribunal in the present case relied on the reasoning in the Delhi judgement that what the assessee had done was to act in derogation of the terms of the relevant contract or commit a breach thereof as a consequence whereof it was liable to pay damages. Even if a party in breach accepts the claim for damages that the other party to the contract may put forward, wh....