https://www.taxtmi.com/caselaws?id=176960 The ITAT Mumbai upheld the CIT(A)'s decision allowing the market to market loss on forward exchange contracts as a deduction under the Income Tax Act for the assessment year 2008-09. The ITAT concluded that the Assessee, following the mercantile system of accounting, was entitled to claim the loss even if the liability had not been discharged in the same year. The appeal filed by the Revenue was dismissed, affirming the allowance of the loss and citing relevant precedents. en-us Mon, 21 Oct 2013 00:00:00 +0530 Thu, 03 Nov 2016 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176960 The ITAT Mumbai upheld the CIT(A)'s decision allowing the market to market loss on forward exchange contracts as a deduction under the Income Tax Act for the assessment year 2008-09. The ITAT concluded that the Assessee, following the mercantile system of accounting, was entitled to claim the loss even if the liability had not been discharged in the same year. The appeal filed by the Revenue was dismissed, affirming the allowance of the loss and citing relevant precedents. Case-Laws Income Tax Mon, 21 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176960