BHUPESH S.SHAH PROP KHUSHBU IMPEX,MUMBAI vs. ASST CIT 17(1), MUMBAI

Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by assessee for Assessment Year [AY] 2012-13 contest the order of Ld. Commissioner of Income-Tax (Appeals)-28 [CIT(A)], Mumbai, Appeal No.CIT(A)-28/IT-936/AC- 17(1)/2014-15 dated 13/04/2016 by raising the following Ground of Appeal: - ITA.No.3892/Mum/2016 Bhupesh S. Shah Assessment Year 2012-13 Loss in Trading of Commodities treated as speculative loss in place of Business loss. MCX & NCDEX as Speculative loss instead of as business loss. The same was explained to AO through case law about retrospective applicability of notification from 2006 notification 46/2009 of CBDT dated 22/05/2009. The learned AO is of the opinion that MCX differ from MCX-SX, means that trading in stock exchange differs, thus resulting loss is speculative one.