BAJINATH MELARAM,MUMBAI vs. PR CIT 18, MUMBAI
In the result, appeal of the Assessee is hereby allowed
ITA 1795/MUM/2016[2011-12]Status: DisposedITAT Mumbai30 Aug 2018AY 2011-12
Bench: Shri G.S.Pannu, Am & Shri Amarjit Singh, Jm / I.T.A. No.1795/M/16 (Assessment Year: 2011-12) M/S. Baijnath Melaram Vs. Pr. Commissioner Of Income C/O.Mangaldas D. Shah & Co Tax – 18 506, Lotus House, 5Th Floor, 6Th Floor, Earnest House, 33-A, New Marine Lines Nariman Point, Mumbai - 400020 Mumbai - 400021 Pan/Gir No. : Aaafb2675E (/Appellant) .. Respondent)
For Appellant: Shri Dhirendra M. ShahFor Respondent: Shri N. P. Singh & B.S.Bist
Section 143(3)Section 263Section 40A(3)Section 43BSection 44A
40a(ia), thus, is found to have been contravened. I, therefore, direct the AO to disallow the same u/s.40a(ia) of the Act.
8.5 As far as the fifth point in respect of issue of loss from speculation business is concerned, it has been stated by the assessee that "the trading in commodity is on Future and option basis which
