1.   THE PROVISION FOR LOSS OF ` ON “MARK TO MARKET” BASIS IN RESPECT OF UNSETTLED (OPEN POSITIONS) IN TRADING IN DERIVATIVES CANNOT BE DISALLOWED

Edelweiss Capital Ltd v/s ITO  I T A No: 5324/Mum/2007  (A/y: 2004-05) dated 10.11.2010

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2.  Non deduction of tds in relation to damages, for improper termination of lease agreement by AIR India, awarded by Arbitral Tribunal of UK, being attributable to impossibility of performance, the assessee is prevented from performing his obligations under the law, despite his bonafide efforts, he would be discharged from such an obligation and hence cannot be regarded a defaulter u/s 201 /201(1A)

National Aviation Co. of India v/s DCIT  3rd Nov. , 2010 (ITAT Mumbai)