Loss on purchase of commodities which was not delivered in actual would be treated as business loss

DCIT Vs Nirshilp Securities Pvt. Ltd. (ITAT Mumbai) Conclusion: The loss arising on account of payment made towards purchase of commodities, which were never delivered to assessee, shall be allowable as regular business loss u/s 28 of the Act and the said loss cannot be considered as speculative. Held: In present facts of the case, the AY 2014-15 is under consideration, wherein Revenue have challenged the deletion of disallowance u/s 14A of the Act read with Rule 8D(2) of the Rules, wherein Revenue have challenged the deletion of disallowance of business loss on account of National Spot Exchan...