https://www.taxtmi.com/caselaws?id=291440 The HC dismissed the Tax Appeal, affirming the Tribunal's decision that marked to market losses due to foreign exchange fluctuations are allowable as notional losses under Section 37(1) of the Income Tax Act. The ruling emphasized the necessity for consistent treatment of gains and losses, aligning with the SC's precedent. en-us Tue, 20 Feb 2018 00:00:00 +0530 Wed, 13 Nov 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291440 The HC dismissed the Tax Appeal, affirming the Tribunal's decision that marked to market losses due to foreign exchange fluctuations are allowable as notional losses under Section 37(1) of the Income Tax Act. The ruling emphasized the necessity for consistent treatment of gains and losses, aligning with the SC's precedent. Case-Laws Income Tax Tue, 20 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291440