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For the purpose of computing deduction u/s 10B, speculation business cannot be considered as business of undertaking
Case Law Details
- Case Name
- ACIT Vs. K. Mohan & Co. (Exports) P. Ltd. (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Bangalore
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CASE LAWS DETAILS
DECIDED BY: ITAT, BANGALORE BENCH `A’,
IN THE CASE OF: ACIT Vs. K. Mohan & Co. (Exports) P. Ltd., APPEAL NO: ITA No. 113/Bang/09, DECIDED ON August 7, 2009
RELEVANT PARAGRAPH
9. We have heard both the parties. A forward contract is an agreement between a buyer and a seller obligating the seller to deliver a specified asset of specified quality and quantity to the buyer on a specified date at a specified place and the buyer in turn Is obligated to pay the seller a pre-negotiated price in exchange of the delivery. In the Instant case, the assessee is...
