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TMI Blog2018 (5) TMI 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) for not accepting this explanation of the assessee. Genuineness of the transactions made by the assessee on MCX Stock Exchange Ltd. through broker Marigold Vanijya Pvt. Ltd. was duly established and the action of the authorities below in disallowing the claim of the assessee for the resultant loss in dealing in currency derivatives is not tenable. Therefore, delete the said disallowance and allow the appeal of the assessee. - I.T.A. No. 1762/Kol/2017 - - - Dated:- 24-5-2018 - Shri P.M. Jagtap, AM For the Appellant : Shri S.M. Surana, Advocate For the Respondent : Shri P.K. Mondal, Addl. CIT ORDER This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) 10, Kolkata dated 12.06.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions from which loss of ₹ 1310687.52 was incurred. All such transactions were duly entered into my books of accounts maintained by me. The relating documents and/or evidences such as copy of general ledger difference bills and contract notes have already been submitted to your goodself during course of earlier hearing and are available on your record which may kindly be perused You will appreciate that contract note issued by Marigold Vanijya Private Ltd. are all time stamped and indicate Trade No. as well for each of the transaction entered. Moreover payments for loss incurred by me for transaction in currency derivatives as per difference bill raised have been settled by issue of accounts payee cheque in favour of Marigold Vanij ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t had admitted that his company was indulging in providing bogus loss in currency derivatives as per the requirement of the clients. At the time of hearing before the Tribunal, the learned DR has laid emphasis on this aspect in support of the revenue s case. However, as contended by the learned counsel for the assessee, there is nothing in the statement of Shri Sachit Saraf, Director of the broker company nor anything has been brought on record by the A.O. to show that the transactions entered into by the assessee company through the said broker were bogus. As matter of fact, a perusal of the order of the A.O. shows that enquiry was directly made by him from MCX Stock Exchange Ltd. by issuing the notice u/s 133(6) of the Act in order to ver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued by the broker and there was no reason whatsoever given by the Ld. CIT(A) for not accepting this explanation of the assessee. Keeping in view all these facts and circumstances of the case, I am of the view that the genuineness of the transactions made by the assessee on MCX Stock Exchange Ltd. through broker Marigold Vanijya Pvt. Ltd. was duly established and the action of the authorities below in disallowing the claim of the assessee for the resultant loss in dealing in currency derivatives is not tenable. I, therefore, delete the said disallowance and allow the appeal of the assessee. 5. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 24th May, 2018. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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