2017 (7) TMI 1439 - HC - Income Tax

Addition of Mark to Market Loss - disallowance of loss on foreign exchange forward contract loss - HELD THAT - The question raised in the present appeal is covered by the judgment of this Court in M/S. D. CHETAN CO. 2016 (10) TMI 629 - BOMBAY HIGH COURT as decided Tribunal was justified in deleting the addition of Mark to Market Loss made by the Assessing Officer on account of disallowance of loss on foreign exchange forward contract loss. - Decided in favour of assessee.

Summary

The High Court of Bombay dismissed the appeal as the question raised was already decided in favor of the assessee in a previous judgment. No substantial question of law arises. No costs were awarded.