TMI Blog2013 (4) TMI 223X X X X Extracts X X X X X X X X Extracts X X X X ..... rrency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period, i.e., before the date of maturity of the forward contract is allowable. In the absence of any distinguishing feature brought on record by the Revenue the said loss claimed by the assessee is allowable and allow the ground taken by the assessee. - I.T.A. No. 874/Mum/2012 - - - Dated:- 15-2-2013 - Dinesh Kumar Agarwal JM And Shri Sanjay Arora, AM,JJ. For the Appellant : Shri Neel Khandelwal For the Respondent : Shri Mohit Jain ORDER This appeal preferred by the assessee is directed against the order dtd. 12-12- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Hon'ble Supreme Court in CIT vs. Woodward Governor India P. Ltd. (2009) 312 ITR 254 (SC) observed that the assessee is only debiting the losses and not crediting the profit on account of mark to market valuation in his P L account, upheld the disallowance of loss made by the A.O. 3. Being aggrieved by the order of the ld. CIT(A) the assessee is in appeal before us. 4. Ground No. 1 is against the sustenance of disallowance u/s 14A of the Act Rs. 2,00,756/- 5. At the time of hearing the ld. counsel for the assessee did not press the above ground which was not objected to by the ld. D.R. 6. That being so and in the absence of any supporting material placed on record by the ld. counsel for the assessee, the ground taken by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 6342/- in one transaction and in remaining three transactions the assessee has shown loss of Rs. 1,77,002/- and after adjusting the profit of Rs. 6342/- the net loss of Rs. 1,70,660/- was claimed as a loss in open position of F O. 11. In Bank of Bahrain and Kuwait (supra) it has been held that that where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period, i.e., before the date of maturity of the forward contract is allowable. 12. In the absence of any distinguishing feature brought on record by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
