SEBI Ad-Interim Order Vacated: Assessee’s Genuine Business Loss Upheld

Kundan Rice Mills Ltd. Vs ACIT (ITAT Delhi)

Factual Background

Kundan Rice Mills Ltd., a long-time trader and member of commodity exchanges such as MCX, declared losses from trading in futures and options (F&O) during the relevant assessment year. The company had consistently conducted such trades for over a decade and maintained proper books of account recording all transactions.

The Assessing Officer (AO), while relyin

Please become a Premium member. If you are already a Premium member, login here to access the full content.