https://www.taxtmi.com/highlights?id=97428 Unrealized mark-to-market loss on principal-protected benchmark-linked debentures was held deductible as a business expenditure under section 37(1) because legally binding BLD contracts existed before the balance-sheet date, rendering the obligation crystallized and only its quantification uncertain. The Tribunal applied mercantile accounting and accounting standards requiring provision for known liabilities and ascertainable anticipated losses, treated the principal-protection as preventing any offsetting gain, and rejected characterization of the loss as merely contingent. Result: the assessing officer's disallowance was deleted and the MTM loss for the relevant year allowed as a business expense. en-us Fri, 06 Mar 2026 08:30:57 +0530 Fri, 06 Mar 2026 08:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97428 Unrealized mark-to-market loss on principal-protected benchmark-linked debentures was held deductible as a business expenditure under section 37(1) because legally binding BLD contracts existed before the balance-sheet date, rendering the obligation crystallized and only its quantification uncertain. The Tribunal applied mercantile accounting and accounting standards requiring provision for known liabilities and ascertainable anticipated losses, treated the principal-protection as preventing any offsetting gain, and rejected characterization of the loss as merely contingent. Result: the assessing officer's disallowance was deleted and the MTM loss for the relevant year allowed as a business expense. Highlights Income Tax Fri, 06 Mar 2026 08:30:57 +0530 https://www.taxtmi.com/highlights?id=97428