Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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Unrealised mark-to-market gains on a forward commodity derivative were held not taxable before actual accrual or maturity because income must have really accrued to be brought to tax under mercantile accounting. Applying Woodward Governor and Godhra Electricity, the Court held that fluctuating gains and losses on a forward contract remain notional until expiry, so anticipated gains reflected in accounts do not lose their unrealised character merely due to accounting treatment. The deletion of the addition was upheld, with the clarification that tax consequences on maturity would follow in accordance with law.
Unrealised mark-to-market gains on a forward commodity derivative were held not taxable before actual accrual or maturity because income must have really accrued to be brought to tax under mercantile accounting. Applying Woodward Governor and Godhra Electricity, the Court held that fluctuating gains and losses on a forward contract remain notional until expiry, so anticipated gains reflected in accounts do not lose their unrealised character merely due to accounting treatment. The deletion of the addition was upheld, with the clarification that tax consequences on maturity would follow in accordance with law.
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