2017 (6) TMI 1238 - HC - Income Tax

Disallowance of mark to market loss on foreign exchange forward contract loss - whether the said loss was not a notional loss and hence cannot be allowed - Held that - Grounds raised in these appeals were similar to the once raised in Income Tax Appeal 2016 (12) TMI 1726 - BOMBAY HIGH COURT and the said appeal is dismissed by this Court.

Summary

The High Court of Bombay dismissed the appeals related to Assessment Year 2009-2010 as the grounds raised were similar to a previously dismissed appeal (Income Tax Appeal No.783 of 2014). The present appeals stand dismissed with no costs.