https://www.taxtmi.com/caselaws?id=181637 The Appellate Tribunal ITAT Mumbai affirmed the Ld. CIT(A)'s decision to allow the Mark-to-Market loss on forward exchange contracts for A.Y. 2009-10. The Tribunal held that the losses were deductible under the Income Tax Act, emphasizing adherence to accounting standards and the mercantile system. The decision highlighted the importance of recognizing liabilities with reasonable certainty, even if not yet discharged, supporting the assessee's position. The Revenue's appeal was dismissed, confirming the allowance of the Mark-to-Market loss based on established legal principles and precedents. en-us Thu, 02 Jan 2014 00:00:00 +0530 Thu, 21 Apr 2016 10:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181637 The Appellate Tribunal ITAT Mumbai affirmed the Ld. CIT(A)'s decision to allow the Mark-to-Market loss on forward exchange contracts for A.Y. 2009-10. The Tribunal held that the losses were deductible under the Income Tax Act, emphasizing adherence to accounting standards and the mercantile system. The decision highlighted the importance of recognizing liabilities with reasonable certainty, even if not yet discharged, supporting the assessee's position. The Revenue's appeal was dismissed, confirming the allowance of the Mark-to-Market loss based on established legal principles and precedents. Case-Laws Income Tax Thu, 02 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181637