https://www.taxtmi.com/caselaws?id=205857 The Tribunal allowed the appeal in favor of the assessee regarding the disallowance of a loss on the valuation of interest rate swap contracts. It held that the loss should be deductible in the relevant year, emphasizing the timing rather than the deductibility of the loss. The Tribunal noted that anticipated losses, even if not crystallized, should be allowed as deductions in line with accounting principles. The decision was based on the principle of conservatism in accounting and the requirement to provide for anticipated losses as per accounting standards and the Income Tax Act. en-us Fri, 26 Aug 2011 00:00:00 +0530 Mon, 26 Sep 2011 21:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205857 The Tribunal allowed the appeal in favor of the assessee regarding the disallowance of a loss on the valuation of interest rate swap contracts. It held that the loss should be deductible in the relevant year, emphasizing the timing rather than the deductibility of the loss. The Tribunal noted that anticipated losses, even if not crystallized, should be allowed as deductions in line with accounting principles. The decision was based on the principle of conservatism in accounting and the requirement to provide for anticipated losses as per accounting standards and the Income Tax Act. Case-Laws Income Tax Fri, 26 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205857