2015 (5) TMI 233

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....h ORDER P.C. 1. Having heard both sides, we are of the view that the appeal raises substantial questions of law. It is admitted on the following two substantial questions of law : "(1) Whether, on the facts and the circumstances of the case, the Hon'ble Tribunal was justified in law in, deleting the addition of tax liability u/s.115JB of the I.T. Act, 1961 by relying on the decision of Kar....

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....ievance that the Commissioner has erred in confirming disallowance of Rs. 22,77,095/- being mark to market loss on account of close of the year in derivative transactions. The assessing officer noted that the assessee has booked losses on account of mark to market valuation of open positions in respect of futures. The assessing officer's view was that in the forward contracts, the loss actuall....

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.... market has been taken out of the purview of "speculation transaction". As per guidelines of SEBI, it is imperative to all who have open position, in the F&O segment on the end of the financial year i.e. 31st of march to show mark to market loss in their books of account. On the basis of the directions of the SEBI, the ICAI, which is the highest accounting body of the country, has issued necessary....