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TMI Blog2015 (5) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... rative to all who have open position, in the F&O segment on the end of the financial year i.e. 31st of march to show mark to market loss in their books of account. On the basis of the directions of the SEBI, the ICAI, which is the highest accounting body of the country, has issued necessary guidelines for the purposes of accounting mark to market losses. Thus no hesitation to hold that the losses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the appeal raises substantial questions of law. It is admitted on the following two substantial questions of law : (1) Whether, on the facts and the circumstances of the case, the Hon'ble Tribunal was justified in law in, deleting the addition of tax liability u/s.115JB of the I.T. Act, 1961 by relying on the decision of Karnataka High Court Court in the case of M/s.Horizon Capital Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isallowance of ₹ 22,77,095/- being mark to market loss on account of close of the year in derivative transactions. The assessing officer noted that the assessee has booked losses on account of mark to market valuation of open positions in respect of futures. The assessing officer's view was that in the forward contracts, the loss actually is materialised on the date when the stock is squ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... speculation transaction . As per guidelines of SEBI, it is imperative to all who have open position, in the F O segment on the end of the financial year i.e. 31st of march to show mark to market loss in their books of account. On the basis of the directions of the SEBI, the ICAI, which is the highest accounting body of the country, has issued necessary guidelines for the purposes of accounting ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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