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TMI Blog2019 (3) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... o verify the same and decide this issue afresh after giving a reasonable opportunity of being heard to the assessee. Ground No.1 is allowed for statistical purpose. Disallowance of speculative loss on derivative trading on MCX - Whether it was not an approved stock exchange within the meaning of proviso (d) of section 43(5) ? - HELD THAT:- There is some confusion over the exchange where the loss has arisen. The Assessing Officer has proceeded by considering that the transaction was done, through multi commodity stock exchange of India Limited whereas the FAA has proceeded on the premise that the transaction has been done through multi commodity stock exchange. Since the recognition has been given to MCX and not Multi commodity stock e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iso (d) of section 43(5) of I T Act. Ground No.1 3. Representatives of both the sides were heard at length. Case records carefully perused. 4. The perusal of the order of the CIT(A) shows that while deciding the appeal the FAA has considered certain documents marked as page numbers 208 to 430. After considering these documents the CIT(A) decided in favour of the assessee. 5. In our considered view when these documents were filed for the first time before the CIT(A) the least he could have done was to call for a remand report from the Assessing Officer. In our understanding of the facts the CIT(A) has violated the basic principles of natural justice. Therefore, this issue is restored to the files of the Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the trading in a recognised stock exchange was brought in with effect from 1 April 2006. The MCX exchange was recognised by the CBDT by the notification dated 22.05.2009. This notification does not give the date from which the exchange is recognised but only gives the recognition to the exchange. This delay in granting the recognition to the exchange is an administrative delay and is not due to the assessee. Hence all transactions carried out after 1.4.2006 are to be considered as business transactions and assessed accordingly. Respectfully following the judgement of Hon ble High Court of Delhi, the addition of ₹ 12,93,875/- is deleted. 9. Since the FAA has followed the judgment of the Hon ble Jurisdictional High Court of Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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