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of <h1>ICDS I: No Marked-to-Market or Expected Losses Recognition Unless Aligned with Provisions; Supreme Court Clarifies Exceptions u/s 37.</h1> The Income Computation and Disclosure Standards (ICDS) I stipulate that marked-to-market or expected losses should not be recognized unless aligned with other ICDS provisions. This approach, as explained by the Accounting Standard Committee, aims to maintain consistency by not recognizing anticipated profits or expected losses. The Supreme Court, in CIT v Woodward Governor India (P) Ltd., ruled that losses from exchange rate fluctuations on revenue-purpose loans are deductible under Section 37 of the Income Tax Act, highlighting a specific scenario where such losses may be considered.
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