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TMI Blog2018 (12) TMI 993X X X X Extracts X X X X X X X X Extracts X X X X ..... ome of ₹ 25,520/shown on account of Futures & Options. This itself would be evidence of the fact that the MOU entitles the respondent assessee to carry on business in futures and options. Thus, dismiss the Revenue's appeal. On facts we find that the view taken by the CIT(A) as well as the Tribunal, cannot be faulted with. The losses on futures and options was incurred post 30th December, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case and in law, the Tribunal was justified in dismissing the Department's appeal by allowing assessee's loss from business of Futures and Options? 3. The respondent assessee had in its return of income declaring nil income. During scrutiny assessment proceedings, the Assessing Officer noted from the Profit Loss Account that the respondent was in receipt of speculation gain, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal reproduced clauses 21 and clause 68 of the MOU. In fact, clause 68 was introduced into the MOU w.e.f. 30th December, 2005. It was further held that clause 21 could itself permit the respondent to deal with the shares, futures and options. Nevertheless, on 31st December, 2005 clause 68 of the MOU specifically enabled the respondent to do business in futures and options i.e. before starti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns. Thus, dismissed the Revenue's appeal. 6. On facts we find that the view taken by the CIT(A) as well as the Tribunal, cannot be faulted with. The losses on futures and options was incurred post 30th December, 2005 i.e. after clause 68 was introduced in the MOU by an amendment. This appeal is in respect of A.Y. 2007-08 when clause 68 of the MOU was in existence. This entitled the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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