Mark-to-market loss on foreign exchange forward contracts was left undisturbed after an earlier ruling had already settled the issue.

The disputed mark-to-market loss on foreign exchange forward contracts was not restored because the issue had already been decided by an earlier Bombay HC ruling in favour of the assessee. On that basis, the proposed question did not survive as a substantial question of law in the appellate jurisdiction invoked, and the appeal was not entertained.

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Issues: Whether the Tribunal was justified in deleting the addition made on account of mark to market loss arising from foreign exchange forward contracts.

Analysis: The issue had already been concluded by an earlier decision of the Court in favour of the assessee and against the Revenue. In that view, the proposed question did not survive as a substantial question of law under the appellate jurisdiction invoked.

Conclusion: The addition was not restored and the appeal was not entertained.

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