2024 (3) TMI 1122

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....JCIT-Sr. DR ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal has been preferred by the assessee against the order dated 19.10.2023 of the National Faceless Appeal Centre [hereinafter referred to as 'CIT(A)'] passed u/s 250 of the Income Tax Act (hereinafter referred to as the 'Act'). 2. The sole issue raised in this appeal is as to marked to market loss incurred by the assess....

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....hat it is not part of the business being carried on. 4. The ld. CIT(A) confirmed the findings of the Assessing Officer. 5. The ld. counsel for the assessee has submitted that entering into future contracts of gold is very much a part of appellant's business as the same is in the normal course of business of purchase and sale of bullion and to safeguard itself from loss the appellant hedg....

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....(Bom.) wherein it has been held as under: "The assessee was not a dealer in foreign exchange. The assessee was a cotton exporter. The assessee was an export house. Therefore, foreign exchange contracts were booked only as incidental to the assessee's regular course of business. The Tribunal has recorded a categorical finding to this effect in its order. The Assessing Officer has not c....

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....which we agree, in the case of CIT v. Soorajmull Na[2021] 130 taxmann.com 67 (Karnataka)." The similar view has taken by the Hon'ble Karnataka High Court in the case of Shankara Infrastructure Materials Ltd. v. Assistant Commissioner of Income-tax, Circle 12(3) Bangalore reported in [2021] 130 taxmann.com 67 (Karnataka), wherein, it has been held that the loss incurred by the assessee on accoun....