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2018 (12) TMI 993 - BOMBAY HIGH COURTAllowability of loss from business of Futures and Options - Tribunal allowed claim - whether company is authorized to do business in futures and options. - Held that:- Assessing Officer while disallowing the losses in futures and options, have accepted the income of ₹ 25,520/shown on account of Futures & Options. This itself would be evidence of the fact that the MOU entitles the respondent assessee to carry on business in futures and options. Thus, dismiss the Revenue's appeal. On facts we find that the view taken by the CIT(A) as well as the Tribunal, cannot be faulted with. The losses on futures and options was incurred post 30th December, 2005 i.e. after clause 68 was introduced in the MOU by an amendment. This appeal is in respect of A.Y. 2007-08 when clause 68 of the MOU was in existence. This entitled the respondent to do business in Futures and Options. No substantial question of law
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