https://www.taxtmi.com/caselaws?id=337654 The Tribunal ruled in favor of the assessee on all three issues presented before the court. The disallowance of mark to market (MTM) loss was overturned, with the Tribunal holding that the losses were allowable deductions based on precedents. Disallowance under section 14A of the Act was also reversed as the AO failed to prove that the stocks were held as investments or that any expenditure was incurred for earning tax-free income. Additionally, the disallowance of depreciation on assets was overturned as the Tribunal found evidence supporting the ownership claim. The appeal filed by the AO was dismissed, and the appeal of the assessee was allowed. en-us Fri, 06 Jan 2017 00:00:00 +0530 Fri, 13 Jan 2017 10:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337654 The Tribunal ruled in favor of the assessee on all three issues presented before the court. The disallowance of mark to market (MTM) loss was overturned, with the Tribunal holding that the losses were allowable deductions based on precedents. Disallowance under section 14A of the Act was also reversed as the AO failed to prove that the stocks were held as investments or that any expenditure was incurred for earning tax-free income. Additionally, the disallowance of depreciation on assets was overturned as the Tribunal found evidence supporting the ownership claim. The appeal filed by the AO was dismissed, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 06 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337654