2013 (10) TMI 1364

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....peal is filed by the Revenue against the order of CIT(A) dated 05/03/2012 for the assessment year 2008-09. The ground of appeal raised by the Revenue read as under :- "1. Whether on the facts and circumstances of the case and in law, the Ld .CIT (A) has erred in holding that Market to market loss of Rs. 1,06,47,416/- arising on valuation of forward exchange contracts on the closing date of accoun....

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....pecial Bench decision in the case of DCIT vs. Bank of Bahrain and Kuwait (ITA Nos.4404 & 1883/Mum/2004) and 4. ONGC vs. CIT (322 ITR 180)(SC) 1.2 Relying on the aforementioned decisions the ld. CIT(A) held that foreign exchange loss incurred by the Assessee during its normal course of business regarding restatement of forward contract obligations is in accordance with AS-11 and Assessee is claim....