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TMI Blog2013 (7) TMI 736X X X X Extracts X X X X X X X X Extracts X X X X ..... on of such loan in the individual capacity - subject to the contract between the partners, partnership firm shall indemnify the partner in respect of the payments made and liabilities incurred by him in the ordinary and proper conduct of the business and in doing such act, in an emergency for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his ow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is right in appreciating/ disregarding evidence on record in arriving at findings and conclusions in confirming the Forex Trading Loss in Foreign Currency Transactions of Rs. 9,99,41,056/-? (3) Whether on facts and in law, the Tribunal is right in confirming the disallowance of Forex Trading Loss in Foreign Currency Transactions incurred in the course of business and resulting into "Embezz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al loss of the partner. 3. We may notice that alternatively the firm also claimed deduction of the loss from its business profits. The Tribunal, by the impugned common judgment, disallowed the loss so claimed in case of both the individual partner as well as the firm. 4. By separate order passed today, we have admitted appeal of the partnership firm. In so far as the present appeal of the indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the firm and the amount invested for such treading is from the funds of the firm only and therefore, individual assessee being a partner of the said firm, cannot claim such loss in his case merely by passing internal entry and debiting his account with the firm. There is no dispute regarding the facts and under these facts, we are of the considered opinion that no interference is called for in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the partner in respect of the payments made and liabilities incurred by him in the ordinary and proper conduct of the business and in doing such act, in an emergency for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his own case, under similar circumstances. 6. In the result, we do not find any justification for entertaining this appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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