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The Commissioner of Income Tax- 4 Versus Darashaw and Co. Pvt. Ltd. And Darashaw & Co. Pvt. Ltd. Versus The Deputy Commissioner of income tax

2017 (9) TMI 738 - BOMBAY HIGH COURT

Claim of provision for “Mark to Market” loss - when it was crystallized - Held that:- We are of the opinion that interest of justice would be served if the order of the Tribunal is set aside as far as this issue is concerned as well and the Tribunal be directed to consider it afresh when the appeals as aforesaid are being decided. We therefore permit both sides to argue on the question of the claim of provision for “Mark to Market” loss and whether it was contingent as urged and whether it was c .....

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r. N. A. Kazi for the Appellant Mr. S. E. Dastur, Senior Advocate a/w. Mr. Madhur Agarwal for the Respondent ORDER P. C. 1. This Revenue appeal challenges an order passed by the Tribunal on 12th June, 2013. The Revenue has proposed two questions of law and Mr. Malhotra would urge that both are substantial questions of law. However, it is fairly conceded that as far as question no. 4(A) is concerned that pertains to disallowance by the Assessing Officer of ₹ 1,24,22,472/under section 14A of .....

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ve already remitted the matter back to the Tribunal and by keeping open all contentions, needless to clarify that the Revenue can contend before the Tribunal Rule 8D(3) is also relevant for this issue and will have bearing on the same. Equally it will be open for the assessee to urge that said Rule and its subrule cannot be relied upon. Even such contentions are open before the Tribunal for being raised by the parties. 3. Then Mr. Malhotra would submit that the question proposed as question no.4 .....

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ring any finding on this issue for the simple reason that the issue is rendered academic. The Revenue has now issued circular and that circular says if the tax affect is below a specified sum and namely ₹ 25 lakhs, then, the appeals need not be pressed even if they are pending. 7. Mr. Dastur would submit that the tax effect as far as the above question is concerned would be minimal. The amount in dispute is ₹ 5,91,000/and the tax effect would be much less. Therefore the Revenue's .....

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