https://www.taxtmi.com/caselaws?id=279370 The Tribunal allowed the assessee's appeal, deleting the sustained addition of Rs. 62,67,308 disallowed by the CIT(A) for the loss incurred on revaluing outstanding forward contracts. The Tribunal held that the loss on revaluation of pending forward contracts at year-end was an allowable business loss, citing precedents that mark-to-market losses on forward exchange contracts were permissible. The appeal was upheld based on the connection of the forward contracts to diamond import and export activities, emphasizing the binding obligation of such contracts. The Revenue's appeal was dismissed, and the assessee's appeal was allowed on 19/03/2014. en-us Sat, 19 Apr 2014 00:00:00 +0530 Fri, 15 Mar 2019 07:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279370 The Tribunal allowed the assessee's appeal, deleting the sustained addition of Rs. 62,67,308 disallowed by the CIT(A) for the loss incurred on revaluing outstanding forward contracts. The Tribunal held that the loss on revaluation of pending forward contracts at year-end was an allowable business loss, citing precedents that mark-to-market losses on forward exchange contracts were permissible. The appeal was upheld based on the connection of the forward contracts to diamond import and export activities, emphasizing the binding obligation of such contracts. The Revenue's appeal was dismissed, and the assessee's appeal was allowed on 19/03/2014. Case-Laws Income Tax Sat, 19 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279370