Home › Tax Laws › CIT v. Hardik Bharat Patel. (2019) 410 ITR 202/ 260 Taxman 294 (Bom.)(HC), Editorail : SLP of revenue is dimissed , as withdrawn due to low tax effect, PCIT v. Hardik Bharat Patel ( 2020 ) 269 Taxman 562 (SC)

CIT v. Hardik Bharat Patel. (2019) 410 ITR 202/ 260 Taxman 294 (Bom.)(HC), Editorail : SLP of revenue is dimissed , as withdrawn due to low tax effect, PCIT v. Hardik Bharat Patel ( 2020 ) 269 Taxman 562 (SC)

S. 28(1): Business loss–Futures and options-Allowable as business loss. [S. 37(1)]

Dismissing the appeal of the revenue the Court held that the Tribunal was justified in directing the Assessing Officer to treat the notional loss incurred on transaction as normal business loss was concluded against the Department by the decision of this court. Followed CIT v Bharat R. Ruia (HUF) (2011) 337 ITR 452  (Bom)(HC)  (AY. 2008 -09)