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| The Tax Publishers2021 TaxPub(DT) 1965 (Mad-HC) INCOME TAX ACT 1961
Section 260A
Where Tribunal had examined the correctness of order of CIT(A) holding that assessee had fulfilled the test prescribed by the Supreme Court in the case of CIT v. Woodward Governor India [(2009) 179 Taxman 326 : 2009 TaxPub(DT) 1628 (SC)] for allowability of loss claimed on account of Equity linked debentures allowable as a business loss, the substantial question of law framed against the said order of Tribunal was answered against the revenue.
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Appeal (High Court) - Maintainability - No perversity in the order of Tribunal -
Revenue filed appeal against the order of Tribunal holding that anticipated loss claimed on account of Equity Linked Debentures was allowable as a business loss and assessee had followed the test laid down in the case of CIT v. Woodward Governor India [(2009) 179 Taxman 326 : 2009 TaxPub(DT) 1628 (SC)]. Held: CIT(A) considered the aspect whether the assessee had fulfilled the test prescribed by the Supreme Court for deductibility of Market-to-Market losses (MTM) and found that the assessee had fulfilled all the conditions. The correctness of this order was examined by the Tribunal and having been satisfied that the findings rendered by CIT(A) were correct and that the assessee had fulfilled the test laid down in Woodward Governor India (P.) Ltd., the Tribunal dismissed the appeal filed by the revenue. Accordingly, the Tax Case Appeals were dismissed and the substantial questions of law was answered against the revenue.
Followed:CIT v. Woodward Governor India [(2009) 179 Taxman 326 : 2009 TaxPub(DT) 1628 (SC)]
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2008-09 & 2009-10
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