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2021 (4) TMI 357 - HC - Income TaxAnticipated loss claimed on account of Equity linked debentures - as per tribunal allowable as a business loss when market to market losses are not ascertained liability which could be set off against taxable income? - whether when market to market loss is a mere provision created in the balance sheet and does not constitute an ascertained liability which is contingent in nature and therefore not an allowable deduction? - whether the assessee has followed the test laid down by the Hon'ble Supreme Court in the case of CIT Vs. Woodward Governor India [2009 (4) TMI 4 - SUPREME COURT] - HELD THAT:- Commissioner of Income Tax (Appeals)-1, Chennai [CIT(A)] considered whether the assessee has fulfilled the test prescribed by the Hon'ble Supreme Court for deductibility of market to market losses (MTM) and found that the assessee has fulfilled all the conditions. The correctness of this order was examined by the Tribunal and having been satisfied that the findings rendered by the CIT(A) are correct and that the assessee has fulfilled the test laid down in Woodward Governor India (P.) Ltd., the Tribunal dismissed the appeal filed by the Revenue. No error in the order passed by the Tribunal. - Decided against the Revenue
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