Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 641 - AT - Income TaxLoss on account of REPO price adjustments - CIT(A) deleted the disallowance - whether the loss on outstanding REPO transactions are purely in the nature of provisions and such loss neither accrued nor crystalised during the previous year? - Held that:- Going through the guidelines issued by the RBI for uniform accounting and reverse repo transactions dated 20.3.2004 it is found that the assessee company has followed the guidelines issued by the RBI and accordingly debited the amount of Rs.109.69 lacs under the head provision for outstanding repo transaction. Thus CIT(A) has correctly appreciated the facts and has deleted the disallowance made by the AO. As DR could not point out any distinguishable features or mistake in the order of the CIT(A)ground raised by the revenue is accordingly dismissed. In favour of assessee.
|