2018 (12) TMI 993

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.... 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 12th June, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This appeal relates to Assessment Year 2007-08. 2. The Revenue urges the following reframed question of law for our consideration : "Whether on the facts and in the circumstances of the case and in law, the Tribunal w....

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....mpany to do business in futures and options. The assessment order dated 24th December, 2009 determined income at Rs. 6.11 lakhs. 4. Being aggrieved with the order dated 24th December, 2009, the respondent filed an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By an order dated 9th December, 2013, the CIT(A) while allowing the appeal reproduced clauses 21 and clause 68 of the MOU.....

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....rder of the CIT(A). In fact, it also records the fact that the Assessing Officer while disallowing the losses in futures and options, have accepted the income of Rs. 25,520/shown on account of Futures & Options. This itself would be evidence of the fact that the MOU entitles the respondent assessee to carry on business in futures and options. Thus, dismissed the Revenue's appeal. 6. On fact....