Notional gains from derivatives held as stock-in-trade is taxable in year of realization

IN THE ITAT MUMBAI BENCH ‘F’ Urudavan Investment & Trading (P.) Ltd. Versus Additional Commissioner of Income-tax IT APPEAL NO. 6997/(MUM.) OF 2011 [ASSESSMENT YEAR 2008-09] DECEMBER 5, 2012 ORDER D. Karunakara Rao, Accountant Member These are cross appeals filed against the order of CIT(A)-6, Mumbai dated 30.08.2011 in relation to assessment year 2008-2009. Grounds raised in both the appeals are as under: 2. Grounds raised in Revenue’s appeal – I.T.A. NO. 7442/M/2011: “1.  The order of the CIT(A) is opposed to law and facts of the case.  2....