2014 (11) TMI 1124 - HC - Income Tax

Claim of provision of Mark-to-Market on trading of derivative instruments in the profit and loss account - Held that - The Registrar (Judicial)/Registrar High Court Original Side Bombay to ensure that the original record in relation to this Appeal is summoned from the Tribunal and offered for inspection of the parties. This paper book is treated sufficient for the purpose of admission of this Appeal. However the Registry must further ensure preparation of complete paper book in accordance with the Rules. The Registry in the first instance must send intimation of admission of this Appeal enclosing therewith a copy of this order so as to enable the Tribunal to act accordingly.

Summary

The Bombay High Court admitted an appeal regarding the provision of "Mark-to-Market" on trading of derivative instruments in the profit and loss account. The Respondent waived service, and the original record was summoned from the Tribunal for inspection. The Registry was directed to prepare a complete paper book in accordance with the rules.