https://www.taxtmi.com/caselaws?id=177039 The Tribunal upheld the decision of the CIT (A) in allowing the appeal of the assessee regarding the 'Mark to Market' loss on forward exchange contracts. The loss incurred on restatement of pending forward contract agreements at year-end was deemed an allowable business loss, considering the consistent accounting treatment followed by the assessee and in line with RBI guidelines. The Tribunal dismissed the Revenue's appeal, emphasizing the importance of recognizing such losses consistently and referencing supportive judicial decisions. en-us Wed, 08 Jan 2014 00:00:00 +0530 Sat, 02 Jan 2016 10:13:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177039 The Tribunal upheld the decision of the CIT (A) in allowing the appeal of the assessee regarding the 'Mark to Market' loss on forward exchange contracts. The loss incurred on restatement of pending forward contract agreements at year-end was deemed an allowable business loss, considering the consistent accounting treatment followed by the assessee and in line with RBI guidelines. The Tribunal dismissed the Revenue's appeal, emphasizing the importance of recognizing such losses consistently and referencing supportive judicial decisions. Case-Laws Income Tax Wed, 08 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177039