TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The HC held that losses arising from trading in derivatives are to be classified as business losses under the proviso to section 43(5) and not as speculation losses. Consequently, the Explanation to Section 73, which pertains to speculation losses, is inapplicable. Therefore, such losses are permissible to be set off against income from business. This decision aligns with the precedent set by Asian Financial Services Ltd and resulted in a ruling against the revenue authorities.
The HC held that losses arising from trading in derivatives are to be classified as business losses under the proviso to section 43(5) and not as speculation losses. Consequently, the Explanation to Section 73, which pertains to speculation losses, is inapplicable. Therefore, such losses are permissible to be set off against income from business. This decision aligns with the precedent set by Asian Financial Services Ltd and resulted in a ruling against the revenue authorities.
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