2019 (1) TMI 1909

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....he Income Tax Appellate Tribunal dated 31.7.2015. The revenue urges the following question for our consideration:- "Whether on the facts and circumstances of the case and in law, the Tribunal was justified in allowing 'Mark to Market' loss of Rs. 1,54,83,835/- arising on valuation of forward exchange contracts on the closing date of accounting year?" 2. Learned counsel for the Revenue p....

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....rder does not find that the transaction entered into by the Respondent assessee was speculative in nature. It further holds that at no point of time did Revenue challenge the assertion of the Respondent assessee that the activity of entering into forward contract was in the regular course of its business only to safeguard against the loss on account of foreign exchange variation. Even before the T....

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....issues arising herein. This is so as every decision is rendered in the context of the facts which arise before the authority for adjudication. Mere conclusion in favour of the Revenue in another case by itself would not entitle a party to have an identical relief in this case. In fact, if the Revenue was of the view that the facts in S. Vinodkumar (supra) are identical / similar to the present fac....