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2014 (7) TMI 1293 - ITAT MUMBAIMark-to-Market loss - allowable ‘business loss’ - re-valuation of forward contract agreements on the closing date of accounting year - whether not a notional loss and therefore allowable? - HELD THAT:- Mark-to-Market gain or loss is held as allowable gain or loss as the case may be. In the instant case, loss arising on re-valuation of forward contract agreements on 31st March, 2009. Thus, the order of the CIT (A) is fair and reasonable and it does not call for any interference. Accordingly, ground raised by the Revenue is dismissed.
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