Mark to market loss - Contingent loss or not - Unrealized ...

Unrealized FX Forward Contract Losses Recognized as Crystallized, Impacting Income Tax Treatment at Year-End.

November 2, 2023

Case Laws Income Tax AT

Mark to market loss - Contingent loss or not - Unrealized foreign exchange forward contract losses - 'mark to market' loss on such future and forward contracts are not a notional loss of contingent nature and the loss stands crystallized at the end of the year notwithstanding the continuance and spilling over of the contract to next year.- AT

View Source

← Previous Next →

Mark to market loss - Contingent loss or not - Unrealized ...

Unrealized FX Forward Contract Losses Recognized as Crystallized, Impacting Income Tax Treatment at Year-End.

November 2, 2023

Case Laws Income Tax AT

You may also like:

Revision u/s 263 by CIT-A - AO’s order is not erroneous and prejudicial to the interest of revenue since mark to market loss incurred by Company on revaluation of...

The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

Unrealized loss on the commodity derivatives - Even when loss has not yet crystallized, a deduction is to be granted in respect of a reasonably anticipated loss - AT

Loss on valuation of foreign exchange contract on M2M basis - Loss on forward contracts - speculative loss - The AO disallowed the addition on the grounds that the...

Disallowance of gross MTM loss - the obligation accrued against the taxpayer the minute it entered into forward foreign exchange contracts. So, the forward foreign...

Depreciation loss - loss arising due to forward contracts - Section 43A - The assessee even under unamended provision is entitled to benefit of the loss claimed by the...

Settlement of case - Set off the unabsorbed business loss - filing of belated return - Indeed, the assessee disclosed the income declared in the settlement commission...

CIRP - Carry forward of losses - The benefit of carry forward of losses can be availed by the Appellant subject of opportunity to be given to Income Tax Authority to...

Allowing mark to market loss on account of outstanding forward contract liability - the forward contract transactions so entered during the course of regular business...

Loss in connection with the hedging contract - business loss or speculative loss - For the purpose of hedging the loss due to fluctuation in foreign exchange while...

Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

B/F losses not allowed to be carry forward - There is, in our opinion, no practical efficacy in the assessee carrying forward business losses, unabsorbed depreciation,...

Block Assessment - Set off or carry forward of loss for p/y years from the undisclosed income determined during Search - It is clear that in computing the total income...

Disallowing set off of losses claimed by the appellant set-off of business losses and carried forward losses against the undisclosed income - We are of the view...

Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

Quick Updates: