https://www.taxtmi.com/caselaws?id=372224 The case involved a dispute over the interpretation of the Memorandum of Association (MOU) regarding the respondent's business activities in Futures and Options. The Assessing Officer disallowed the loss on account of Futures and Options, but the CIT(A) and Tribunal allowed the losses, citing specific clauses in the MOU that permitted such activities. The Tribunal upheld the decision, emphasizing that the MOU authorized the respondent to conduct business in Futures and Options. The appeal was ultimately dismissed, with no order as to costs. en-us Tue, 11 Dec 2018 00:00:00 +0530 Wed, 19 Dec 2018 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372224 The case involved a dispute over the interpretation of the Memorandum of Association (MOU) regarding the respondent's business activities in Futures and Options. The Assessing Officer disallowed the loss on account of Futures and Options, but the CIT(A) and Tribunal allowed the losses, citing specific clauses in the MOU that permitted such activities. The Tribunal upheld the decision, emphasizing that the MOU authorized the respondent to conduct business in Futures and Options. The appeal was ultimately dismissed, with no order as to costs. Case-Laws Income Tax Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372224