DCIT, New Delhi vs. M/S Fiem Industries Ltd., New Delhi
In the result, the appeal of the revenue is dismissed
ITA 3696/DEL/2015[2011-12]Status: DisposedITAT Delhi08 Oct 2025AY 2011-12
Bench: Shri Vikas Awasthy & Shri M. Balaganeshdcit, Vs. M/S. Fiem Industries Ltd, Circle-9(1), D-34, Dsidc Packaging New Delhi Complex, Kirti Nagr, New Delhi-110015 (Appellant) (Respondent) Pan: Aaacf1034E Assessee By : Shri Shailesh Gupta, Ca Revenue By: Ms. Namita Khurana, Cit-Dr (On Rotational Duty) Date Of Hearing 13/07/2025 Date Of Pronouncement 08/10/2025
For Appellant: Shri Shailesh Gupta, CAFor Respondent: Ms. Namita Khurana, CIT-DR
Section 143(3)Section 43(5)Section 80I
…or export of cotton in some cases failed. In the circumstances, the assessee was entitled to claim deduction in respect of Rs. 13.50 lakhs as a business loss." Moreover the High Court of Bombay very recently in the case of CIT Vs Vishindas Holaram reported in 50 Taxmann.com 337 has held as under:- "Section 43(5) of the Income Tax Act 1961- Speculative transactions (Meaning of) Whether once main business of assessee is Assessment year 2003-04 identified, if some incidental activities or transactions or dealing in foreign exchange is undertaken but that is also related to some extent to main business activity, then…
