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TMI Blog2019 (7) TMI 695X X X X Extracts X X X X X X X X Extracts X X X X ..... poses of refusing loss to be set off against business income is wholly incorrect. The Hon ble Calcutta High Court after taking note of the decision of Hon ble Delhi High Court in DLF Commercial [ 2013 (7) TMI 334 - DELHI HIGH COURT] took a distinct stand that derivatives cannot be treated at par with shares for the purposes of Explanation to Section 73 because the legislature has treated it differently. Thus, in view of the aforesaid position enunciated by the Hon ble High Court in Asian Financial Services (supra), we find good deal of force in the case of assessee. The claim of the assessee thus requires to be allowed on this ground alone. Disallowance u/s 14A read with Rule 8D - suo mota disallowance by the assessee - HELD THAT:- Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether the Appellate Tribunal has erred in law and on facts in allowing set off of the loss incurred by trading in F O against business income contrary to the explanation to Section 73 of the Income Tax Act? ( B) Whether the Appellate Tribunal has erred in law and on facts in deleting the disallowance of ₹ 5,09,728/made under Section 14A of the Income Tax Act, 1961 of the Act read with Rule 8D? 3 So far as the first question, that has been proposed by the Revenue is concerned, the findings recorded by the Tribunal are as follows: 9. We have carefully considered the rival submissions and perused the respective orders of the AO and CIT(A). The substantive questi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purposes of refusing loss to be set off against business income is wholly incorrect. The Hon ble Calcutta High Court after taking note of the decision of Hon ble Delhi High Court in DLF Commercial (supra) took a distinct stand that derivatives cannot be treated at par with shares for the purposes of Explanation to Section 73 of the Act because the legislature has treated it differently. Thus, in view of the aforesaid position enunciated by the Hon ble High Court in Asian Financial Services (supra), we find good deal of force in the case of assessee. The claim of the assessee thus requires to be allowed on this ground alone. 9.3 In view of the resounding conclusion drawn in favour of the assessee on the aforesaid legal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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