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2023 (7) TMI 699 - SCH - Income TaxPermissible deduction in the hands of the assessee - marked to market loss on open equity stock future contracts - ITAT had specifically rejected the Department’s contention that the market loss of stock in trade, is not an ascertained liability. Thereby deduction of the amount, on account of the market loss suffered on stock in trade, was held in favour of the assessee as relying upon case of United Commercial Bank, Calcutta v. Commissioner of Income Tax, W.B.-III, Calcutta [1999 (9) TMI 4 - SUPREME COURT] HELD THAT:- We have considered the reasoning of both the forums. Upon reading the High Court’s impugned judgment, no infirmity is seen. As such, no interference is called for in the present matter. Special Leave Petition stands dismissed.
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