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2014 (1) TMI 1680 - ITAT MUMBAI‘Mark to Market’ loss - loss arising on valuation of forward exchange contracts on the closing date of accounting year - whether not a notional loss and therefore, allowable? - Held that:- We are of the opinion that the decision taken by CIT (A) by holding that the loss incurred on restatement of pending forward contract agreements at the year-end is an allowable business loss is fair and reasonable and it does not call for any interference. - Decided in favour of the assessee.
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