Assessee claimed loss on derivatives arising from future option\u00a0 It further claimed set-off of this loss against profit earned from sale of a land along with development rights.Assessing Officer held that\u00a0 transactions were not bona fide commercial transactions but were sham leading to bogus loss. Accordingly, he disallowed entire amount claimed as loss as well as set-off of same against profit earned from sale of loss.\u00a0 Tribunal reversed Assessing Officer’s finding and allowed assessee’s claim by observing that Assessing Officer did not doubt genuineness of transactions carried out by assessee which resulted in loss.High Court held that order of Tribunal was perverse as there was absolutely no case made by assessee for deleting addition and therefore, said order of Tribunal was to be set aside and order of Assessing Officer was to be restored. Apex Court Court held that\u00a0\u00a0 since controversy between assessee and revenue no longer survived in view of settlement of dues under Direct Tax Vivad Se Vishwas Scheme, 2024, SLP filed by assessee against order of High Court had been rendered infructuous. \u00a0(AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 28(i) : Business loss-Derivatives arising from future option-set-off of this loss against profit earned from sale of a land along with development rights-Controversy settled under Direct Tax Vivad Se Vishwas Scheme, 2024-SLP dismissed as infructious. [Art. 136] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59226","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fpg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59226"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59226\/revisions"}],"predecessor-version":[{"id":59227,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59226\/revisions\/59227"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}