https://www.taxtmi.com/caselaws?id=286675 The Tribunal upheld the deletion of the addition by the AO concerning the disallowance of Mark to Market loss in trading of derivatives. The decision was based on the nature of stock futures, accounting standards, and legal precedents supporting the treatment of anticipated loss in valuing closing stock. The Tribunal ruled in favor of the assessee, applying the principle of "cost or market price whichever is lower" in valuing derivatives held as stock in trade. The appeal by the AO was dismissed, and the order in favor of the assessee was upheld. en-us Thu, 09 Apr 2015 00:00:00 +0530 Tue, 10 Mar 2020 09:16:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286675 The Tribunal upheld the deletion of the addition by the AO concerning the disallowance of Mark to Market loss in trading of derivatives. The decision was based on the nature of stock futures, accounting standards, and legal precedents supporting the treatment of anticipated loss in valuing closing stock. The Tribunal ruled in favor of the assessee, applying the principle of "cost or market price whichever is lower" in valuing derivatives held as stock in trade. The appeal by the AO was dismissed, and the order in favor of the assessee was upheld. Case-Laws Income Tax Thu, 09 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286675