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        Case ID :
        Income Tax

        Why does the marked to market loss or an expected loss shall not be recognised as per ICDS-I.

        8 September, 2017

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        Manual - ICDS I : Accounting Policies

        The marked to market loss or an expected loss shall not be recognised unless the recognition of such loss is in accordance with the provisions of any other ICDS. The reason for such treatment can be inferred from the explanation provided by Accounting Standard Committee. The  Committee was of the opinion that since anticipated profits are not recognised, expected or mark-to-market losses also should not be allowed as
        a deduction. The objective is to bring parity between treatment of income and expenses/ losses.

        The Supreme Court in the case of CIT v Woodward Governor India (P) Ltd. 2009 (4) TMI 4 - SUPREME COURTheld that loss arising on account of fluctuation in the rate of exchange in respect of loans taken for revenue purposes was allowable as a deduction u/s 37 of the Act.

        Mark-to-market loss recognition barred under ICDS, allowed only if another ICDS or tax law permits. Mark-to-market and expected losses are not recognised under ICDS I unless another ICDS permits such recognition; the Accounting Standards Committee held that because anticipated profits are not recognised, parity requires that expected or mark-to-market losses also be excluded, while established tax-law precedent allows deduction for exchange fluctuation losses arising on revenue-purpose borrowings.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Mark-to-market loss recognition barred under ICDS, allowed only if another ICDS or tax law permits.

                              Mark-to-market and expected losses are not recognised under ICDS I unless another ICDS permits such recognition; the Accounting Standards Committee held that because anticipated profits are not recognised, parity requires that expected or mark-to-market losses also be excluded, while established tax-law precedent allows deduction for exchange fluctuation losses arising on revenue-purpose borrowings.


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