2018 (9) TMI 79

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..... and the brokerage is calculated at the rate that is prevalent in the market, that is 0.25 for cash market and 0.05 for futures - Held that:- It is undisputed that it gave certain instructions and in the event the transaction is an international transaction, then, all the relevant provisions of the IT Act would be applicable. The instructions were issued by the Central Board of Direct Taxes (CBDT) .....

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S.C. DHARMADHIKARI & B.P. COLABAWALLA, JJ. Mr. Ashok Kotangle with Mr. Bhushan Wankhede i/by Ms Padma Divakar for the Appellant. Mr. Arijit Chakravarty with Ms Shraddha Swarup & Mr. Abhishek Tilak i/by Rajan Mishra for the Respondent. P.C: 1. By this appeal, the Revenue has challenged the order passed on 22.4.2015. That order was passed by the Income Tax Appellate Tribunal, Bench at Mumbai .....

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..... pany was held to be involved in directional trade and the brokerage is calculated at the rate that is prevalent in the market, that is 0.25 for cash market and 0.05 for futures. On account of this, addition of ₹ 2,89,82,746/was made. 5. Aggrieved by this assessment order of 27122007, the assessee preferred an appeal to the First Appellate Authority and he confirmed the addition. 6. Further .....

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..... instructions were issued by the Central Board of Direct Taxes (CBDT). The factual finding in this case is that, given the nature of the transaction, these instructions were applicable. If they were applicable, then, there ought to be some solid ground for ignoring a mandate flowing therefrom. The mandate is that the Assessing Officer should make a reference to the Transfer Pricing Officer. That is .....

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