https://www.taxtmi.com/caselaws?id=305587 The Calcutta High Court upheld the Tribunal's decision regarding the deduction of marked-to-market loss in forex derivative contracts for the assessment year 2008-09. The Court emphasized the independence of the Assessing Officer, the precedence set by the Supreme Court's judgments, and the non-retrospective effect of CBDT instructions. The decision affirmed the Tribunal's allowance of the deduction for the consultancy company, based on the mercantile system of accounting and compliance with accounting standard no.11, dismissing the revenue's appeal. en-us Fri, 17 Dec 2021 00:00:00 +0530 Tue, 13 Dec 2022 17:52:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305587 The Calcutta High Court upheld the Tribunal's decision regarding the deduction of marked-to-market loss in forex derivative contracts for the assessment year 2008-09. The Court emphasized the independence of the Assessing Officer, the precedence set by the Supreme Court's judgments, and the non-retrospective effect of CBDT instructions. The decision affirmed the Tribunal's allowance of the deduction for the consultancy company, based on the mercantile system of accounting and compliance with accounting standard no.11, dismissing the revenue's appeal. Case-Laws Income Tax Fri, 17 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305587