2018 (7) TMI 565 - SCH - Income Tax

Loss on account of actual cancellation of forward contracts - Addition pertains to loss on account of the reversal of the MTM gain on revaluation of pending forward contracts and this could not be even deleted. - Held that - Since the tax effect of the aforesaid amount would be much less, leaving the question of law open, the special leave petition is dismissed.

Summary

The Supreme Court of India in 2018 (7) TMI 565 - SC Order, with Judges Mr. A.K. Sikri and Mr. Ashok Bhushan JJ., condoned the delay in the case. One addition of Rs. 1,32,69,221 was deleted by the Commissioner of Income Tax due to actual loss from cancellation of forward contracts. Another addition of Rs. 18,15,875 for loss on revaluation of pending forward contracts was upheld, with the special leave petition dismissed due to lower tax effect.