M/S. VISION MILLENIUM EXPORTS P. LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE- 7(2), MUMBAI

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ITA 1645/MUM/2020Status: DisposedITAT Mumbai10 February 2025AY 2015-16Bench: BEFORESHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the transactions were neither hedging nor speculative. It concluded that the assessee failed to discharge the onus of proving the genuineness of the loss, which was accounted for by journal entries and intended to set off profits from share transactions.

What were the facts?

The assessee claimed a business loss of Rs. 26,88,98,500/- on commodity settlement. The Assessing Officer (AO) observed that these were non-delivery based transactions not carried out on a recognized exchange and appeared non-genuine.

What were the issues?

Whether the claimed loss on commodity settlement was genuine and allowable as a business loss, or if it was speculative and non-genuine.

Which sections of the Income-tax Act were involved?

Section 43(5)

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Income Tax Appellate Tribunal, “F’ BENCH

For Appellant: Shri Abhishek Khandelwal,AR
For Respondent: Ms. Neena Jeph, (CIT DR)
Hearing: 14.01.2025Pronounced: 10.02.2025

आदेश की �ितिलिप अ�ेिषत आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. / The Appellant ��थ� / The Respondent. 2. / The Respondent. आयकर आयु� / CIT 3. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण DR, ITAT, 4. Mumbai गाड� फाईल / Guard file. 5.

P a g e | 21 1645/Mum/2020 A.Y. 2015-16 M/S Vision Millenium Exports P. Ltd. M/S Vision Millenium Exports P. Ltd.

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