https://www.taxtmi.com/caselaws?id=296574 The High Court of Bombay dismissed the tax appeal filed by the revenue challenging the decision of the Income Tax Appellate Tribunal regarding the allowance of a 'Mark to Market' loss on forward exchange contracts. The Court upheld the Tribunal's conclusion that the transactions were not speculative and were entered into as part of the regular business to mitigate foreign exchange risks in import and export activities. The Court found that the revenue's arguments lacked merit and that no question of law arose from the case. en-us Fri, 04 Jan 2019 00:00:00 +0530 Thu, 29 Jul 2021 10:49:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296574 The High Court of Bombay dismissed the tax appeal filed by the revenue challenging the decision of the Income Tax Appellate Tribunal regarding the allowance of a 'Mark to Market' loss on forward exchange contracts. The Court upheld the Tribunal's conclusion that the transactions were not speculative and were entered into as part of the regular business to mitigate foreign exchange risks in import and export activities. The Court found that the revenue's arguments lacked merit and that no question of law arose from the case. Case-Laws Income Tax Fri, 04 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296574