No Selective Reading – AO Cannot Cherry-Pick Loss-Only Trades: ITAT Mumbai

ACIT Vs Vivah Classique (ITAT Mumbai)

No Cherry-Picking Allowed: ITAT Disapproves AO’s Selective Reliance on Loss-Only Trades in Currency Derivatives

Revenue appealed against the CIT(A)’s order deleting the total disallowance of ₹17,51,14,258/- relating to alleged bogus losses in currency derivative trades on BSE & USE, along with notional commission of ₹37,01,176/-, assessed by AO pursuant to Project Falcon findings.

Assessee, a partnership firm engaged in jewellery & diamond business, had reported profits & losses from currency d

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