https://www.taxtmi.com/caselaws?id=421184 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 6,46,83,102/- on account of disallowance of SWAP contract loss. It ruled that the loss on SWAP contracts, recognized under Accounting Standard 11, constituted an accrued liability, not a contingent one. Citing precedents and accounting standards, the Tribunal found in favor of the assessee, dismissing the Revenue's appeal. The order was pronounced on April 6, 2022. en-us Wed, 06 Apr 2022 00:00:00 +0530 Tue, 19 Apr 2022 08:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421184 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 6,46,83,102/- on account of disallowance of SWAP contract loss. It ruled that the loss on SWAP contracts, recognized under Accounting Standard 11, constituted an accrued liability, not a contingent one. Citing precedents and accounting standards, the Tribunal found in favor of the assessee, dismissing the Revenue's appeal. The order was pronounced on April 6, 2022. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421184