Unicorn Dealtrade Pvt. Ltd. Vs. CPC, Bengaluru
Case No: I.T.A. No.: 2083/KOL/2024
Court: Income Tax Appellate Tribunal, Kolkata ‘SMC’ Bench
Date: 1/21/2025
Parties Involved
AppellantUnicorn Dealtrade Pvt. Ltd.
RespondentCPC, Bengaluru
Facts Summary
The assessee, Unicorn Dealtrade Pvt. Ltd., filed its return of income for the Assessment Year 2013-14 on 17.08.2013, declaring a total income of Rs. 89,980/-. The return included a significant component of derivative income from Futures & Options (F&O) trading amounting to ₹1,13,89,679 and a loss of ₹23,20,740 on F&O trading, which was adjusted against the derivative income. Due to a clerical mistake, the net figure of ₹90,68,939 (derivative income minus F&O loss) was reflected in the total colu…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the delay in filing the appeal before the CIT(A) was excusable and should be condoned.
- 2. Whether the disallowance of the F&O loss of ₹23,20,740 was justified.
Precedents Relied Upon
4 precedents cited in this judgement.