9911796707
TMI Blog2014 (4) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... ersus Income Tax Officer 3(1) (1), Mumbai [2012 (10) TMI 223 - ITAT, MUMBAI] followed - the loss due to a fall in price below cost is allowed even if such loss has not been actually realized - The derivatives have been treated as stock-in-trade then there is nothing unusual in the assessee valuing each derivative by applying the rule cost or market whichever is lower - ICAI in its guidelines have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , whether or not the learned Commissioner (Appeals) was justified in deleting the addition of Rs. 96,00,244 on account of provisions for loss on mark to market, on derivatives of Rs. 96,00,244 by treating it as notional loss. 2. Brief facts, qua the aforesaid issue, are that the assessee has debited sum of Rs. 96,00,244 in the Profit Loss account for provisions of loss on marked to market for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2004 053. The learned Commissioner (Appeals), after relying upon the decision fo the Tribunal and also the order of the learned Commissioner (Appeals) for the assessment year 2008 09, allowed the assessee s ground after observing and holding as under: 5.4 The appellant s submission has been considered. The appellant has placed reliance upon the decision in the case of M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Rs. 96,00,244 is therefore, deleted. The appeal on this ground is allowed. 4. Before us the learned Departmental Representative strongly relied upon the findings of the Assessing Officer. 5. After carefully considering the relevant findings of the learned Commissioner (Appeals), we find that not only this issue is covered by the decision of the Hon'ble Supreme Court in CIT v/s W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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