https://www.taxtmi.com/caselaws?id=402986 Year-end restatement loss on pending foreign exchange forward contracts, recognised under the applicable accounting standard and under a consistently followed accounting method, is a real revenue loss and not a merely notional or contingent loss. Because the assessee had also recognised corresponding exchange gains in earlier years, the disallowance of the restatement loss was unsustainable. The addition made by the Assessing Officer was therefore deleted. en-us Wed, 07 Oct 2020 00:00:00 +0530 Sat, 16 Jan 2021 22:30:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402986 Year-end restatement loss on pending foreign exchange forward contracts, recognised under the applicable accounting standard and under a consistently followed accounting method, is a real revenue loss and not a merely notional or contingent loss. Because the assessee had also recognised corresponding exchange gains in earlier years, the disallowance of the restatement loss was unsustainable. The addition made by the Assessing Officer was therefore deleted. Case-Laws Income Tax Wed, 07 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402986