2013 (9) TMI 1112

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..... BILLAIYA, AM: This appeal by the Revenue is preferred against the order of the CIT(A)-27, Mumbai, dated 25/08/2011, pertaining to A.Y.2008-09. 2. The revenue has raised two substantive grounds of appeal. The sum and substance of the grievance of the revenue is that the CIT(A) erred in deleting the additions made by the AO on account of mark to market loss of Rs. 59.50 lakhs claimed by the ....

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....s exposed to foreign currency fluctuation risk. In order to hedge the risk of fluctuation of currency rate, it has entered into forward exchange contracts. It was further explained that the assessee is revaluing the export receivables following AS-11 issued by the ICAI recognizing profit/loss during the year. Similarly, it is recognizing mark to market gain or loss in respect of outstanding forwar....

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....ed the additions. 6. Aggrieved by this revenue is before us. 6. The DR strongly relied upon the findings of the AO. Per contra the counsel for the assessee in addition to the decisions relied upon by the CIT(A) drew our attention to the decisions of the Tribunal in the case of D. Chetan & Company in ITA No.4456/Mum/2012 and submitted that on identical facts , the Tribunal has allowed mark to ma....