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2015 (2) TMI 1158 - ITAT MUMBAIDisallowance of interest under section 36(1)(iii) - Held that:- It is an undisputed fact that assessee was having own funds at ₹ 219.86 crores at the beginning of the year and ₹ 180.05 crores at the end of the year. It is also an undisputed fact that assessee advanced ₹ 29.18 lacs only during the year under consideration. Since the assessee is having sufficient own funds to meet out the advances we do not find any reasons for disallowance of the proportionate interest. On the facts of the case we set aside the findings of Ld. CIT(A) and direct the AO to delete the addition - Decided in favour of assessee Addition being mark to market losses treating it as only notional and contingent - 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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