https://www.taxtmi.com/article/detailed?id=6443 The assessee recorded year end mark to market losses on interest rate swap contracts in its Profit and Loss Account under Accounting Standard AS-11. The Assessing Officer and Commissioner (Appeals) disallowed the deductions as contingent liabilities and for alleged inconsistent accounting, but the Tribunal found the valuation losses properly recognised, observed recorded gains elsewhere in the account, and allowed the mark to market losses as deductible. en-us Tue, 15 Sep 2015 06:43:49 +0530 Tue, 15 Sep 2015 06:43:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6443 The assessee recorded year end mark to market losses on interest rate swap contracts in its Profit and Loss Account under Accounting Standard AS-11. The Assessing Officer and Commissioner (Appeals) disallowed the deductions as contingent liabilities and for alleged inconsistent accounting, but the Tribunal found the valuation losses properly recognised, observed recorded gains elsewhere in the account, and allowed the mark to market losses as deductible. Articles Income Tax Tue, 15 Sep 2015 06:43:49 +0530 https://www.taxtmi.com/article/detailed?id=6443