https://www.taxtmi.com/caselaws?id=305067 The Tribunal allowed the assessee's claim regarding the deductibility of mark to market losses, emphasizing that such losses related to revenue assets and should be fully allowable as deductions under the Income-tax Act, 1961. The Tribunal held that losses arising from the revaluation of forward contracts safeguarding revenue assets are not speculative or notional and directed the Assessing Officer to delete the disallowance of the loss amount. As a result, the Tribunal adjudicated ground nos. 5.1 to 5.7 in favor of the assessee, rendering the alternative contention unnecessary. en-us Fri, 08 Apr 2022 00:00:00 +0530 Mon, 14 Nov 2022 21:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305067 The Tribunal allowed the assessee's claim regarding the deductibility of mark to market losses, emphasizing that such losses related to revenue assets and should be fully allowable as deductions under the Income-tax Act, 1961. The Tribunal held that losses arising from the revaluation of forward contracts safeguarding revenue assets are not speculative or notional and directed the Assessing Officer to delete the disallowance of the loss amount. As a result, the Tribunal adjudicated ground nos. 5.1 to 5.7 in favor of the assessee, rendering the alternative contention unnecessary. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305067