https://www.taxtmi.com/caselaws?id=388019 The Tribunal allowed mark to market (MTM) losses as expenditure for a stockbroking company, overturning lower authorities' disallowance. It held that MTM losses, based on accounting standards, were not contingent or notional, contrary to the CBDT instruction. Precedents supported treating such losses as business expenditure, emphasizing they were not merely notional. The Tribunal directed the assessing officer to delete the disallowed deduction, highlighting the distinction between contingent business losses and notional losses. en-us Wed, 30 Oct 2019 00:00:00 +0530 Wed, 06 Nov 2019 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388019 The Tribunal allowed mark to market (MTM) losses as expenditure for a stockbroking company, overturning lower authorities' disallowance. It held that MTM losses, based on accounting standards, were not contingent or notional, contrary to the CBDT instruction. Precedents supported treating such losses as business expenditure, emphasizing they were not merely notional. The Tribunal directed the assessing officer to delete the disallowed deduction, highlighting the distinction between contingent business losses and notional losses. Case-Laws Income Tax Wed, 30 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388019