PRINCIPAL COMMISSIONER OF INCOME TAX-14, KOLKATA vs. PKS HOLDINGS

In the result, the appeal is partly allowed and the question nos

Bench: : The Hon’Ble Justice T.S. Sivagnanam

142(1) of the Act. In response to such notices, the assessee’s authorised representative appeared before the Assessing Officer. With regard to the first issue, namely, the loss on derivative, the assessee claimed the loss arising from future option, loss on transaction entered on National Stock Exchange (NSE) as appeared in Form 10DB. As per the content

PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA vs. M/S ITC LTD

Bench: The Learned Tribunal – One By The Assessee & The Other By The Revenue Which Have Been Disposed Of By A Common Order, Impugned In This Appeal. 2. The Revenue Has Raised The Following Substantial Questions Of Law For Consideration :

2) of the Act was issued on 30.08.2011. Subsequently, notice under Section 142(1) was issued along with a questionnare. 5. The assessee company is engaged in the business of (i) manufacture and sale of cigarettes and smoking tobacco in domestic and export market; (ii) development projects, process and sale of unmanufactured tobacco for export and domestic market; (iii) manufacture