Latest Income-Tax Details

For Full Access To All Latest Judgments on Income Tax
Click Here To Subscribe Now
Take a tour of our Income-Tax Library

Whether the Tribunal is right in law in giving certain directions to the Assessing Officer while setting aside the assessment without noticing the fact that the loss claimed in respect of thecaseof Aishwaria & Co is from derivative trading whereas the loss in the presentcaseis on account of hedging of foreign currency receivable from exports?

Shanti Prime Publication Pvt. Ltd.

Sec. 260A of Income Tax Act, 1961—Appeal—Appeal to High Court - Transactions which were prematurely cancelled, cannot be considered as business transaction and it is to be considered as speculative transaction, thus, we are inclined to remit the issue back to the file of the Assessing Officer for fresh consideration - CAPRICORN FOOD PRODUCTS INDIA LTD. V/s ASSTT. CIT - [2020] 427 ITR 120 (MAD)