https://www.taxtmi.com/caselaws?id=264680 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's claim for mark to market loss on forward exchange contracts for assessment years 2009-10 and 2010-11. Relying on previous tribunal decisions and the Apex Court ruling, the Tribunal determined that the forward contracts were essential for the assessee's business to mitigate foreign exchange risks. The Revenue's appeal was dismissed, and consequently, the cross objections by the assessee were also dismissed. The decision favored the assessee, affirming the allowability of the mark to market loss on forward exchange contracts. en-us Fri, 31 Jul 2015 00:00:00 +0530 Thu, 05 Nov 2015 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264680 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's claim for mark to market loss on forward exchange contracts for assessment years 2009-10 and 2010-11. Relying on previous tribunal decisions and the Apex Court ruling, the Tribunal determined that the forward contracts were essential for the assessee's business to mitigate foreign exchange risks. The Revenue's appeal was dismissed, and consequently, the cross objections by the assessee were also dismissed. The decision favored the assessee, affirming the allowability of the mark to market loss on forward exchange contracts. Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264680