Reassessment initiated to disallow loss on hedging of metals losses is untenable if losses were allowed originally

HIGH COURT OF GUJARAT Jayesh Raichand Shah Versus Assistant Commissioner of Income-tax Special Civil Application Nos. 6830 & 6861 Of 2012 Date of Pronouncement – October 22, 2012  ORDER Akil Kureshi J. Heard learned counsel for the respective parties for final disposal of the petitions. These petitions arise out of similar background involving the same assessee. We have heard these petitions together and propose to dispose them off by this common order. 2. The petitioner is common in both the petitions. He has challenged two separate notices issued by the Assessing ...