Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 1471 - ITAT MUMBAI"Mark to Market" loss - valuation of forward exchange contracts on the closing date of accounting year is not a notional loss as allowable - notional loss on account of valuation of foreign exchange forward contracts - HELD THAT:- Mark-to-Market gain or loss is held as allowable business 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 CIT (A)'s order on this issue, for both the assessment years under consideration, is fair and reasonable and it does not call for any interference. Accordingly, Grounds raised by the Revenue in both the appeals are dismissed.
|