https://www.taxtmi.com/highlights?id=53492 Disallowance of gross MTM loss - the obligation accrued against the taxpayer the minute it entered into forward foreign exchange contracts. So, the forward foreign exchange contracts debited to the profit & loss account are allowable one being the liability having been crystallized when a pending obligation on the date of balance sheet is determinable with reasonable certainty. en-us Mon, 25 May 2020 17:17:28 +0530 Mon, 25 May 2020 17:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53492 Disallowance of gross MTM loss - the obligation accrued against the taxpayer the minute it entered into forward foreign exchange contracts. So, the forward foreign exchange contracts debited to the profit & loss account are allowable one being the liability having been crystallized when a pending obligation on the date of balance sheet is determinable with reasonable certainty. Highlights Income Tax Mon, 25 May 2020 17:17:28 +0530 https://www.taxtmi.com/highlights?id=53492