https://www.taxtmi.com/caselaws?id=193032 The Bombay High Court allowed the appeal of the assessee regarding the disallowance of mark to market loss on future and option contracts. The Court emphasized the necessity of underlying assets in derivatives transactions. Additionally, the Court admitted the appeal concerning the calculation of long term capital gain on the sale of shares of BSE as a substantial question of law for further consideration, to be heard alongside another Income Tax Appeal. The Court provided directions for further proceedings on both issues. en-us Tue, 29 Nov 2016 00:00:00 +0530 Mon, 10 Jul 2017 11:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193032 The Bombay High Court allowed the appeal of the assessee regarding the disallowance of mark to market loss on future and option contracts. The Court emphasized the necessity of underlying assets in derivatives transactions. Additionally, the Court admitted the appeal concerning the calculation of long term capital gain on the sale of shares of BSE as a substantial question of law for further consideration, to be heard alongside another Income Tax Appeal. The Court provided directions for further proceedings on both issues. Case-Laws Income Tax Tue, 29 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193032