Deputy Commissioner Of Income Tax vs M/S Edelweiss Commodities Services Ltd.
Whether mark-to-market loss on derivative trading is allowable as business expenditure --- Held Yes. Whether disallowance u/s 14A r.w. Rule 8D(2)(ii) should be computed on net interest (interest paid minus interest received) --- Held Yes. Whether addition to book profit u/s 115JB on account of disallowance u/s 14A is justified --- Held No.
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