TMI Blog2014 (7) TMI 1293X X X X Extracts X X X X X X X X Extracts X X X X ..... sing on re-valuation of forward contract agreements on 31st March, 2009. Thus, the order of the CIT (A) is fair and reasonable and it does not call for any interference. Accordingly, ground raised by the Revenue is dismissed. - I.T.A. No.2612/M/2013 - - - Dated:- 16-7-2014 - SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER For The Appellant : Shri Shrikant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground relates to the allowability of Mark-to-Market loss on revaluation of outstanding forward contracts on the closure date of the accounting year on notional basis. Further, Ld DR mentioned that the said issue was adjudicated by the CIT (A) and granted relief in favour of the assessee relying on the decision of the ITAT, Mumbai in the case of M/s. Bhavani Gems vs. ACIT CC-35, in ITA No.285 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f M/s. Bhavani Gems vs. ACIT CC-35, in ITA No.2855/Mum/2010 dated 30.3.2011 for the AY 2006-2007 and the said loss was allowed as business loss and the issue was held to be covered by Special Bench decision in the case of DCIT vs. Bank of Bahrain. Therefore, in my considered opinion the facts of the appellant s case are fully covered by the above cited decisions of the Hon ble Supreme Court an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
