ITAT slams AO for not allowing benefit of Sec. 43(5)(e); loss due to suspension of NSEL operation was business loss

INCOME TAX: Where assessee was in business of commodity derivatives and revenue had also accepted income from transactions of assessee as business income and not as income from speculation for all earlier years, if owing to suspension of operations by NSEL, assessee could not recover amounts from brokers which were advanced for purchase of commodities, such loss was allowable under section 28INCOME TAX: Where assessee was in business of commodity derivatives and revenue had also accepted income from transactions of assessee as business income and not as income from speculation for all earlier years, if owing to suspension of operations by NSEL, assessee could not recover amounts from brokers which were advanced for purchase of commodities, such loss was allowable under section 28www.taxmann.com Latest Case LawsRead More

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