Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

The Commissioner of Income Tax Versus M/s. Pashupati Capital Services Pvt Ltd

2015 (5) TMI 233 - BOMBAY HIGH COURT

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 the directions of the SEBI, the ICAI, which is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 the appeal raises substantial questions of la .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ecedence 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'ble Tribunal was justified in law in all .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ss 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 relied upon by the Ld.CIT(A). The Hon'ble .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

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

Go to Mobile Version