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 derivative trades routed through recognized ...