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TMI Blog2018 (3) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years as well. This is not the Revenue’s case that the CIT(A)’s identical findings in preceding assessment year 2011-12 have not attained finality. - Decided against revenue. - ITA Nos. 2115 And 2116/Ahd/2016 - - - Dated:- 13-3-2018 - SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI S. S. GODARA, JUDICIAL MEMBER For The Revenue : Shri Alok Kumar, Sr. D.R. For The Assessee : None ORDER PER S. S. GODARA, JUDICIAL MEMBER The Revenue has filed its instant quantum and penalty appeals ITA Nos. 2116 2115/Ahd/2016 for assessment year 2012-2013 against the CIT(A)-10, Ahmedabad s separate orders dated 14.06.2016 20.06.2016, in case no. CIT(A)-10/ACIT-Cir.1(3)/313/15-16 CIT(A)-10/ACIT-Cir.1(3)/312/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge not notified u/s.43(5)(d) of the Act. 4. The assessee preferred appeal. The CIT(A) reverses the Assessing Officer s above action disallowing its claim as under: 5.2 Regarding the disallowance of MCX trading loss of ₹ 42,55,595/-, I have perused the submissions filed by the appellant and the same have been placed on record. It is seen that on identical issue, my predecessor in the A.Y. 2011-12 vide order No. CIT(A)-10/DCIT-Cir-3/389/14-15 dated 22/12/2015, has deleted the addition after considering the judgement of Hon'ble ITAT, Ahmedabad, in the case of Vimal Oil Foods Ltd. Vs ACIT, Circle-8, Ahmedabad, ITA No. 2392/Ahd/2011. The main reasons for deleting the addition by my predecessor are reproduced as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recognised Stock Exchange has to be done by the Central Govt (CBDT). In pursuance of this Rule, the CBDT has notified the MCX Stock Exchange Ltd. by S.O. 1327 (E) dated 22.04.2990. The issue in such notification given on 22.05.2009, by which MCX stock Exchange has been recognized, could be held to be applicable for the transaction undertaken in the A.Y. 2007-08 i.e. after 1st April, 2006. From the combined reading of clause (d) of proviso to section 43(5), Rule 6DDA, 6DDB and Explanation (ii) to section 43(5), it would be seen that rules which have been prescribed are only procedural in nature, as it prescribes the method as to how to apply for necessary recognition and consequent notification. Hence, these are purely procedural mechanism a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional ITAT, Ahmedabad, the additions made by the AO deserve to be deleted, hence these are deleted . This ground of appeal is allowed. 5.3 The facts of the case are identical in this year also. By respectfully following the order of my predecessor as well as hon ble Tribunal, the additions made by the AO are deleted. Therefore, this ground of appeal is allowed . 5. We have given thoughtful consideration to Revenue s vehement contention that the CIT(A) has erred in law as well as on facts in concluding that the assessee s loss in question arising from its transactions carried out in MCX are not delivery based since not executed in a recognized exchange. It fails to dispute the fact that the relevant exchange i.e. MCX stock ..... X X X X Extracts X X X X X X X X Extracts X X X X
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