https://www.taxtmi.com/caselaws?id=283993 The High Court of Bombay dismissed the appeal challenging the Income Tax Appellate Tribunal's order on revaluation of forward exchange contracts for Assessment Year 2009-10. The court held that mark to market losses on forward exchange contracts, as per CBDT instruction 03/2010, cannot be set off against taxable income based on a previous decision. The appeal was rejected as it did not raise any substantial issue of law, emphasizing the importance of precedent in determining the outcome of similar cases and providing clarity on the treatment of such losses for tax purposes. en-us Wed, 27 Feb 2019 00:00:00 +0530 Wed, 23 Oct 2019 07:54:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283993 The High Court of Bombay dismissed the appeal challenging the Income Tax Appellate Tribunal's order on revaluation of forward exchange contracts for Assessment Year 2009-10. The court held that mark to market losses on forward exchange contracts, as per CBDT instruction 03/2010, cannot be set off against taxable income based on a previous decision. The appeal was rejected as it did not raise any substantial issue of law, emphasizing the importance of precedent in determining the outcome of similar cases and providing clarity on the treatment of such losses for tax purposes. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283993