AGARWAL SPONGE & ENERGY PRIVATE LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

The appeal are dismissed

Bench: Shri K. Narasimha Chary & Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.59/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2010-11) M/S. Agarwal Sponge & Vs. Dy. C. I. T. Energy (P) Ltd., Circle 1(1) Hyderabad Hyderabad Pan:Aaeca8680P (Respondent) (Appellant) निर्धाररती द्वधरध/Assessee By: Shri Sunil Kumar Jain, Ca रधजस्‍व द्वधरध/Revenue By:: Ms. Sheetal Sarin, Dr सुिवधई की तधरीख/Date Of Hearing: 27/05/2024 घोर्णध की तधरीख/Pronouncement: 28/06/2024 आदेश / Order Per Madhusudan Sawdia, A.M: This Appeal Is Filed By Agarwal Sponge & Energy (P) Ltd. (“The Assessee”), Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Hyderabad (“Ld.Cit(A)”) Dated 31.08.2017 For A.Y.2010-11. 2. The Assessee Has Raised The Following Concise Grounds: "1. The Order Of The Learned Cit(A) Dated 31/8/2017 Is Contrary To Law & Facts.

purchase and sale of raw materials from abroad in order to protect itself from future price fluctuations because market for procurement of raw material was seasonal as well as volatile, loss incurred by assessee on aforesaid contracts was not speculative in nature rather same was to be allowed as business loss." However in the case of the assessee the item