2018 (12) TMI 1621 - HC - Income Tax

Mark to Market Loss - disallowance of loss on foreign exchange forward contract loss - whether the said loss was a notional loss and hence cannot be allowed? - HELD THAT - The issue raised herein stands concluded against the Revenue and in favour of the respondent assessee by the decision of this Court in CIT Vs. M/s. D. Chetan & Co. 2016 (10) TMI 629 - BOMBAY HIGH COURT

Summary

The Bombay High Court dismissed an appeal challenging the order of the Income Tax Appellate Tribunal related to Assessment Year 2010-11. The appeal questioned the deletion of 'Mark to Market' loss on foreign exchange forward contract, which was considered a notional loss. The Court upheld the decision in favor of the respondent assessee based on a previous case, and the appeal was dismissed with no costs.