https://www.taxtmi.com/caselaws?id=238523 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal in a case involving income enhancement in derivative transactions, disallowance of speculative loss, and allowance of rebate on book profit tax. The Tribunal emphasized the fundamental accounting principle of prudence in enhancing income, required a reasonable basis for allocation of expenses in disallowing speculative loss, and held that the rebate u/s.88E should extend to tax payable on book profit u/s.115JB. en-us Wed, 25 Sep 2013 00:00:00 +0530 Wed, 23 Oct 2013 22:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238523 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal in a case involving income enhancement in derivative transactions, disallowance of speculative loss, and allowance of rebate on book profit tax. The Tribunal emphasized the fundamental accounting principle of prudence in enhancing income, required a reasonable basis for allocation of expenses in disallowing speculative loss, and held that the rebate u/s.88E should extend to tax payable on book profit u/s.115JB. Case-Laws Income Tax Wed, 25 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238523