Bad debts due to suspension of NSEL operation allowable as business Loss

Chowdry Associates Vs ACIT (ITAT Delhi) From the entirety of the events, we find that in the assessment year 2014-15, the assessee had made purchases in the middle or last week of June 2013 through M/s Anand Rathi Commodities Ltd. and M/s Philips  Commodities  Pvt.  Ltd.  The NSEL failed to fulfill its commitments and ultimately the Government had prohibited NSEL to make any transactions after 1st July 2013 . The  details of  outstanding unsettled transactions of the assessee through both the brokers  has  also  been  furnished to the revenue authorities by the NSEL. The AO disallowe...