https://www.taxtmi.com/caselaws?id=286739 Mark-to-market loss on stock index futures was treated as an accrued business loss because the contracts were subject to daily settlement through the exchange mechanism, with price differences adjusted on a day-to-day basis. The loss was therefore not a mere notional or contingent adjustment, but an actual loss arising from daily movements in futures prices during the relevant period. Authorities dealing with estimated losses on unexpired forward contracts and anticipatory losses on undelivered goods were distinguished on that basis, and the loss was held allowable as a business deduction. en-us Fri, 25 Jun 2010 00:00:00 +0530 Fri, 13 Mar 2020 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286739 Mark-to-market loss on stock index futures was treated as an accrued business loss because the contracts were subject to daily settlement through the exchange mechanism, with price differences adjusted on a day-to-day basis. The loss was therefore not a mere notional or contingent adjustment, but an actual loss arising from daily movements in futures prices during the relevant period. Authorities dealing with estimated losses on unexpired forward contracts and anticipatory losses on undelivered goods were distinguished on that basis, and the loss was held allowable as a business deduction. Case-Laws Income Tax Fri, 25 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286739