https://www.taxtmi.com/caselaws?id=346793 The Tribunal upheld the CIT(A)'s decision, recognizing the MTM losses on forward contracts as allowable business losses. However, it remanded the matter to the AO to verify that the actual resultant loss on forward contracts in the next assessment year had been adjusted from the loss claimed by the assessee in the impugned year and that there was no double deduction of the losses. The revenue's appeal was allowed for statistical purposes, with directions for the AO to verify the requisite information provided by the assessee. en-us Wed, 09 Aug 2017 00:00:00 +0530 Wed, 23 Aug 2017 07:49:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346793 The Tribunal upheld the CIT(A)'s decision, recognizing the MTM losses on forward contracts as allowable business losses. However, it remanded the matter to the AO to verify that the actual resultant loss on forward contracts in the next assessment year had been adjusted from the loss claimed by the assessee in the impugned year and that there was no double deduction of the losses. The revenue's appeal was allowed for statistical purposes, with directions for the AO to verify the requisite information provided by the assessee. Case-Laws Income Tax Wed, 09 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346793