2022 (3) TMI 391

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....Seven questions of law proposed are as under: (A) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in holding mark-to-market loss on open equity stock future contracts as ascertained loss without appreciating that it is not the value that is pertinent and under question but the expiry date of the contract which results in crystalization ....

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....of the contract which results in crystalization and determination of loss. (D) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in holding that Investment in Shares held as stock-in-trade has to be exclusded from 'Investments' as required to be taken under Rule 8D, without appreciating, that stock-in-trade of shares is nothing but Busine....

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.... interest under one reason or other but simply to follow the working as prescribed in the Rule. (G) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in holding that no interest is disallowable under Rule 8D2(ii) as interest income is more than interest expenditure, without appreciating, that Rule 8D working only interest expenditure is r....

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....at the provisions of Section 14A read with Rule 8D will not be applicable to investment of shares and securities held as stock in trade. Nothing is placed to indicate, as to why this judgment of the Bombay High Court was not applicable to the facts in hand. 4. Then as regards question (E), it emanates from questions (A), (B) and (C) proposed and since we are not impressed that there is any subs....