Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (5) TMI 233 - BOMBAY HIGH COURT

2015 (5) TMI 233 - BOMBAY HIGH COURT - TMI - Disallowance of mark to market loss on account of close of the year in derivative transactions - ITAT allowed the claim - Held that:- The transactions in derivatives market has been taken out of the purview of "speculation transaction”. As per guidelines of SEBI, it is imperative to all who have open position, in the F&O segment on the end of the financial year i.e. 31st of march to show mark to market loss in their books of account. On the basis of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

onsonance with the factual materials and the guidelines so also the directions from the Securities Exchange Board of India (SEBI) and the Institute of Chartered Accountants of India (ICA). - Decided in favour of assessee. - Income Tax Appeal No. 1622 of 2013 - Dated:- 24-4-2015 - S C Dharmadhikari And A K Menon,JJ. For the Appellants : Mr. A N Kotangle, Sr. Counsel along with Ms. Padma Divakar For the Respondent : Mr. Sanjiv M. Shah ORDER P.C. 1. Having heard both sides, we are of the view that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e Tribunal misdirected itself when it gave precedence to section 88E, over clear words of section 115JB which specifically deals with Mininum Alternative Tax payable only in cases where tax otherwise payable is below 10% due to operation of all other provisions of the Act, and such all other Provisions includes section 88E of the I.T. Act, 1961 ?" 2. As far as the third question is concerned, the same read as under : "(3) Whether, on the facts and the circumstances of the case, the Hon .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

iew was that in the forward contracts, the loss actually is materialised on the date when the stock is squared off and then added back to the amount. 4. The matter was carried before the Commissioner and who confirmed the same. 5. After noting the rival contentions in paragraph 13 of the Tribunal's order at Page38 and 39 of the paperbook, it has held as under : "13. We have considered the rival submissions and perused the orders of the lower authorities and also the judicial decisions r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version