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Income Tax Appellate Tribunal, “D” BENCH, MUMBAI
Before: SHRI SHAMIM YAHYA, AM & SHRI AMARJIT SINGH, JM
per prudent and regular system of accounting, the loss has to be accounted for, the same
should be allowed. Hence, in the background of the aforesaid discussion and precedent
from the Hon’ble Apex Court decision, we find that the aforesaid CBDT Circular is in
contradiction of Hon’ble Apex Court decision. Hence, we do not find any infirmity in the
order of the ld. Commissioner of Income Tax (Appeals). We uphold the order of the ld.
Commissioner of Income Tax (Appeals) that the mark to market loss in this case is
allowable.
21 ITA No. 3426 & 3576/Mum/2016 M/s. Edel Commodities Limited 33. In the result, these appeals by the assessee stands partly allowed. प�रणामतः �नधा�रती क� अपील� आं�शक �वीकृत क� जाती है । Order pronounced in the open court on 06.04.2018 Sd/- Sd/- (Amarjit Singh) (Shamim Yahya) �या�यक सद�य / Judicial Member लेखा सद�य / Accountant Member मुंबई Mumbai; �दनांक Dated : 06.04.2018 व.�न.स./Roshani, Sr. PS आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��यथ� / The Respondent 2. आयकर आयु�त(अपील) / The CIT(A) 3. आयकर आयु�त / CIT - concerned 4. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 5. गाड� फाईल / Guard File 6. आदेशानुसार/ BY ORDER,
उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपील�य अ�धकरण, मुंबई / ITAT, Mumbai