https://www.taxtmi.com/caselaws?id=222027 The Appellate Tribunal allowed the appellant's appeal, overturning the disallowance of loss on mark to market valuation of open positions in futures and notional losses. The Tribunal found merit in the appellant's plea regarding the details of losses in futures and options transactions, allowing the claimed net loss. However, the disallowance under section 14A of the Income Tax Act was upheld due to lack of supporting material. The Tribunal set aside the Commissioner of Income Tax (Appeals) order and ruled in favor of the appellant on the issues of mark to market valuation losses and notional losses. en-us Fri, 15 Feb 2013 00:00:00 +0530 Thu, 11 Apr 2013 12:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222027 The Appellate Tribunal allowed the appellant's appeal, overturning the disallowance of loss on mark to market valuation of open positions in futures and notional losses. The Tribunal found merit in the appellant's plea regarding the details of losses in futures and options transactions, allowing the claimed net loss. However, the disallowance under section 14A of the Income Tax Act was upheld due to lack of supporting material. The Tribunal set aside the Commissioner of Income Tax (Appeals) order and ruled in favor of the appellant on the issues of mark to market valuation losses and notional losses. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222027