2019 (12) TMI 874 - SCH - 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? - petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F. No.390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect - HELD THAT - Permission granted, subject to just exceptions. The special leave petition and pending applications are dismissed as withdrawn, leaving question of law open

Summary

The Supreme Court allowed the petitioner to withdraw their Special Leave Petition and pending applications due to low tax effect. The petition and applications were dismissed as withdrawn, leaving the question of law open.