Case Law Details
M/s. Sucon India Ltd Vs JCIT (ITAT Delhi)
Loss suffered by assessee on derivative transaction is not speculative loss and as such eligible to be adjusted against business income and Explanation 73 of the Income Tax Act is not attracted.
FULL TEXT OF THE ITAT JUDGMENT
Appellant, M/s. Sucon India Ltd. (hereinafter referred to as the assessed), by filing present appeal sought to set aside the impugned order dated 06.10.2015 passed by the Ld. Commissioner of Income Tax (Appeals)-Faridabad qua the assessment year 2012-13 on the grounds inter alia that :-
“1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in upholding the action of the Ld. A.O. in making an addition of Rs. 29,84,052/- by denying the claim of set off of loss of share business allegedly in view of Explanation to section – 73 of the Income Tax Act, 1961.
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