Assessee Cannot Claim "Mark to Market" Losses on Forward Contracts Settled by Actual Delivery Using Export Receivables.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....When the contention of the assessee that all the forward contracts were settled by way of actual delivery through dollars received on export receivables, the assessee cannot be allowed “mark to market” losses on such forward contract - AT....