https://www.taxtmi.com/caselaws?id=181638 The ITAT Mumbai allowed the appellant's appeal regarding the disallowance of mark to market losses as business expenditure in the assessment year 2009-10. The ITAT overturned the CIT(A)'s decision, citing precedents and the commercial necessity of hedging against currency fluctuations in import and export businesses. The mark to market losses were deemed allowable as business losses, and the AO was directed to permit the claimed losses. The judgment was pronounced on 06/08/2014, in favor of the appellant. en-us Wed, 06 Aug 2014 00:00:00 +0530 Thu, 21 Apr 2016 10:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181638 The ITAT Mumbai allowed the appellant's appeal regarding the disallowance of mark to market losses as business expenditure in the assessment year 2009-10. The ITAT overturned the CIT(A)'s decision, citing precedents and the commercial necessity of hedging against currency fluctuations in import and export businesses. The mark to market losses were deemed allowable as business losses, and the AO was directed to permit the claimed losses. The judgment was pronounced on 06/08/2014, in favor of the appellant. Case-Laws Income Tax Wed, 06 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181638