2018 (1) TMI 1704 - HC - Income Tax

Disallowance of loss on foreign exchange forward contract loss - Whether the said loss was a notional loss and hence cannot be allowed? - HELD THAT - It is an agreed position between the parties that the issue raised herein stands concluded against the Revenue and in favour of the Assessee by the decisions of this Court in CIT v/s. M/s. D. Chetan Co. 2016 (10) TMI 629 - BOMBAY HIGH COURT and CIT v/s. M/s. Chaitya 2017 (7) TMI 1439 - BOMBAY HIGH COURT No substantial question of law.

Summary

The Bombay High Court dismissed an appeal challenging an order by the Income Tax Appellate Tribunal related to Assessment Year 2009-10. The issue of disallowance of loss on foreign exchange forward contract was decided in favor of the Assessee based on previous court decisions. The appeal was dismissed with no costs.