9911796707
TMI Blog2015 (2) TMI 1252X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue is dismissed Depreciation is to be allowed on the written down value(WDV) as defined in section 43(6)(b) of the Act. We accordingly, restore this issue to the file of the AO. The AO is directed to compute depreciation on WDV as per the provisions of law. Ground No.2 is allowed for statistical purposes. Allowance of loss on derivative transactions as non-speculative - Held that:- We find that the Tribunal in assessee’s own case for the assessment year 2003-04 has considered the similar issue [2015 (2) TMI 314 - ITAT MUMBAI ] dated 20.8.2010, wherein the Tribunal has considered this issue qua Ground No.(a) and after considering the facts and submissions at para 11, the Tribunal has dismissed the assessee’s appeal. Respectfully fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r considered opinion, it is nothing but bad debts and is to be allowed following the ratio laid down by he Hon’ble Supreme Court in the case of TRF Limited reported (2010 (2) TMI 211 - SUPREME COURT). Accordingly, ground taken by the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... oses. 6. Grounds No.3 to 5 of the appeal are against the allowance of loss on derivative transactions as non-speculative. This issue is no more Res integra 7. We find that the Tribunal in assessee's own case for the assessment year 2003-04 has considered the similar issue in ITA No.6560/Mum/2006, dated 20.8.2010, wherein the Tribunal has considered this issue qua Ground No.(a) and after considering the facts and submissions at para 11, the Tribunal has dismissed the assessee's appeal. Respectfully following the decision of the coordinate bench , Ground Nos.3 to 5 are dismissed. 8. Grounds No.6 to 8 relate to the disallowance of client assistance charges amounting to ₹ 23,27,39,958/-. This issue has been considered by the First Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee by the decision of the Jurisdictional High Court in the case of CIT V/s Kotak Securities Limited (Bom) 340 ITR 333, wherein the Hon'ble High Court has observed that the revenue did not invoke relevant provisions of TDS for 10 years, therefore, the assessee could not be held to be in default for non deducting TDS on transaction charges paid to the Stock Exchange. Respectfully following the findings of the Hon'ble High Court, we direct the AO to delete the addition of ₹ 1,66,63,866/-. 12. Ground No.3 relates to disallowance of ₹ 37,40,000/-. This issue has been considered by the AO in para13 of his order, wherein the AO has observed that the assessee has not claimed loss on Future and Option margin in the computation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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