https://www.taxtmi.com/caselaws?id=246229 Depreciation on a BSE card was held inadmissible, following the Tribunal's earlier view on identical facts and deciding the point against the assessee. By contrast, loss on open positions in the futures and options segment was treated as a genuine business loss under section 37(1), because it arose on mercantile accounting and the Revenue did not show any defect in the accounting method, accounting standards, or any tax avoidance motive. The cross appeals therefore ended in a mixed result, with relief granted to each side on one issue. en-us Fri, 28 Feb 2014 00:00:00 +0530 Sat, 08 Mar 2014 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246229 Depreciation on a BSE card was held inadmissible, following the Tribunal's earlier view on identical facts and deciding the point against the assessee. By contrast, loss on open positions in the futures and options segment was treated as a genuine business loss under section 37(1), because it arose on mercantile accounting and the Revenue did not show any defect in the accounting method, accounting standards, or any tax avoidance motive. The cross appeals therefore ended in a mixed result, with relief granted to each side on one issue. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246229