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2014 (1) TMI 1736 - ITAT MUMBAIMark-to-Market loss arising on valuation of forward exchange contracts on the closing date of accounting year is not a national loss and therefore allowable - Held that:- As relying on the decision of DCIT vs. Bank of Bahrain and Kuwait (2010 (8) TMI 578 - ITAT, MUMBAI) to hold that the liabilities for foreign exchange was incurred during the normal course of assessee’s business and in fact the gain earned on such revaluation having been accepted and brought to tax in the respective years, there is no reason to arrive at a different conclusion in this year merely because there is a loss. Thus directing the AO to delete the addition - Decided in favour of assessee.
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