https://www.taxtmi.com/caselaws?id=276340 The High Court upheld the Tribunal's decision regarding the Market to Market (MTM) loss claimed by the assessee for the assessment year 2008-09. The Court found that the MTM loss could not be considered notional as per CBDT instruction No.3 of 2010, based on the specific circumstances of the case where the assessee was engaged in manufacturing and exporting cigarettes, not dealing in foreign exchange. The appeal was dismissed, and pending petitions were closed without costs. en-us Wed, 23 Apr 2014 00:00:00 +0530 Thu, 08 Nov 2018 10:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276340 The High Court upheld the Tribunal's decision regarding the Market to Market (MTM) loss claimed by the assessee for the assessment year 2008-09. The Court found that the MTM loss could not be considered notional as per CBDT instruction No.3 of 2010, based on the specific circumstances of the case where the assessee was engaged in manufacturing and exporting cigarettes, not dealing in foreign exchange. The appeal was dismissed, and pending petitions were closed without costs. Case-Laws Income Tax Wed, 23 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276340