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2016 (11) TMI 1409 - HC - Income TaxAdmit on the following substantial questions of law : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing the appeal of the assessee in respect of disallowance made by the Assessing Officer on account of mark to market loss of ₹ 2,46,031/on unexpired future and option contract? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing the appeal of the assessee i.e. to the extent of claim of cost of acquisition as per Section 55(2)(ab) on the issue of calculating the long term capital gain on sale of shares of BSE at ₹ 4,40,41,965/as against ₹ 2,83,63,407/claimed by the assessee? Derivatives transactions entered into by the respondent assessee does not seem to be supported by an underlying asset i.e. to safeguard loss in export / import of goods on account of the foreign exchange variation.
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