ITAT Delhi Judgments — August 2017

The Tribunal followed the jurisdictional High Court's decision in CIT Vs Aanchal Hotels (P.) Ltd., which set aside the issue to the Assessing Officer for fresh consideration. The Tribunal therefore set aside the impugned order and remanded the issue back to the AO.

The Tribunal noted that neither the Assessing Officer nor the CIT(A) had examined the nature of the derivative transactions to determine if they were speculative. Therefore, the matter was remanded back to the Assessing Officer for a fresh decision.