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2019 (3) TMI 1717
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.... Rakesh Gupta, Advocate Sh. Somil Agarwal, Advocate ORDER N. K. Billaiya, With this appeal the revenue has challenged the correctness of the order of the CIT(A)-16, New Delhi dated 02.02.2016 pertaining to A. Y. 2010-11. 2. The substantive grievance of the revenue read as under :- 1. Deleting the addition of Rs. 1,05,48,477/- while only su....
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....After considering these documents the CIT(A) decided in favour of the assessee. 5. In our considered view when these documents were filed for the first time before the CIT(A) the least he could have done was to call for a remand report from the Assessing Officer. In our understanding of the facts the CIT(A) has violated the basic principles of natural justice. Therefore, this ....
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....viso to section 43 (5). After analyzing the provisions of section 43 (5) of the Act the Assessing Officer was of the opinion that such loss is a speculative loss and accordingly disallowed the same. 7. Before the CIT(A) the assessee agitated that the loss of Rs. 1,29,875/- on the transactions carried out by the assessee on MCX. It was claimed that such loss was allowable as a busine....
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....tions carried out after 1.4.2006 are to be considered as business transactions and assessed accordingly. Respectfully following the judgement of Hon'ble High Court of Delhi, the addition of Rs. 12,93,875/- is deleted." 9. Since the FAA has followed the judgment of the Hon'ble Jurisdictional High Court of Delhi, the counsel relied upon the findings of the FAA. 10. A perusal of th....