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TMI Blog2013 (10) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... g & F&O activity along with OD interest?" [2.0] We have heard the learned Senior Counsel Mr. Manish Bhatt for the Revenue, who has taken us through the orders of revenue authorities. He also further contended forcefully that the Tribunal could not have taken upon itself the task of the Chartered Accountant by holding that the respondent assessee could have got away with not maintaining the audited report as were otherwise desired. Upon hearing the learned counsel and on close examination of the material on record, for the reasons to follow hereinafter, tax appeal is not being entertained. [3.0] It can be noted that the Assessing Officer disallowed the claim of the respondent assessee of share trading and F&O losses allowing OD interest o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en were made through a recognized stock exchange and time stamped contract notes were issued, it was held that these transactions have fulfilled the criteria of the business considering the fact that there was no element of investment. It was also held that these transactions of future & options cannot be termed as capital. [5.0] Concurring with the elaborate findings of the CIT(Appeals), the Tribunal held thus: "5. We have heard the rival contention of the both sides and perused the material before us. The appellant had followed the consistent method of computation of income/loss from the earlier year for which necessary evidence has been placed on record. It is true that this item should not be debited directly in capital account, but d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt had not proved before the A.O. As well as CIT(A) that shares loss was not speculative loss or delivery of share has been taken by the appellant or not. Thus, for limited purpose, this issue is set aside to the A.O." [6.0] Tribunal thus on the share loss for want of availability of sufficient evidence chose to remand the matter, while stamping on the order of CIT(Appeals) on F&O activity. We are in complete agreement with the decision of Tribunal that when the transactions themselves were not under any cast of shadow or doubt and there was no dispute over the quantum of loss computed by the appellant and the respondent assessee when had substantiated the entire transactions by furnishing otherwise valid and statutorily accepted documents ..... X X X X Extracts X X X X X X X X Extracts X X X X
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