https://www.taxtmi.com/caselaws?id=419353 The Court upheld the treatment of mark-to-market losses on equity stock future contracts as business losses if incurred in the regular course of business. It also affirmed that mark-to-market losses on future contracts held as closing stock-in-trade should not fall under Section 14A read with Rule 8D. The Court emphasized the importance of considering the expiry date of contracts in determining losses, and consistently applied legal interpretations regarding investments in shares held as stock-in-trade. Ultimately, the appeal was dismissed as the Tribunal's decision was deemed correct and well-founded. en-us Fri, 04 Mar 2022 00:00:00 +0530 Wed, 09 Mar 2022 08:30:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419353 The Court upheld the treatment of mark-to-market losses on equity stock future contracts as business losses if incurred in the regular course of business. It also affirmed that mark-to-market losses on future contracts held as closing stock-in-trade should not fall under Section 14A read with Rule 8D. The Court emphasized the importance of considering the expiry date of contracts in determining losses, and consistently applied legal interpretations regarding investments in shares held as stock-in-trade. Ultimately, the appeal was dismissed as the Tribunal's decision was deemed correct and well-founded. Case-Laws Income Tax Fri, 04 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419353