https://www.taxtmi.com/caselaws?id=333609 The Tribunal upheld the Commissioner of Income Tax (CIT) (Appeals) decision, ruling in favor of the Respondent Assessee in a case challenging the addition of 'Mark to Market' Loss on a foreign exchange forward contract. The Tribunal determined the loss was a revenue loss related to normal business activities and not speculative, dismissing the Revenue's arguments based on a previous case and Accounting Standard 11. The Tribunal found no substantial legal issue in the Revenue's formulated question of law, ultimately dismissing the appeal without costs. en-us Sat, 01 Oct 2016 00:00:00 +0530 Mon, 18 May 2026 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333609 The Tribunal upheld the Commissioner of Income Tax (CIT) (Appeals) decision, ruling in favor of the Respondent Assessee in a case challenging the addition of 'Mark to Market' Loss on a foreign exchange forward contract. The Tribunal determined the loss was a revenue loss related to normal business activities and not speculative, dismissing the Revenue's arguments based on a previous case and Accounting Standard 11. The Tribunal found no substantial legal issue in the Revenue's formulated question of law, ultimately dismissing the appeal without costs. Case-Laws Income Tax Sat, 01 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333609