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2017 (2) TMI 1232 - AT - Income TaxNotional loss - Loss arising on revaluation of foreign exchange forward contract - account of Accounting Standard 11 issued by ICAI - Held that:- In the assessment relating to A.Y. 2010-11, the assessee claimed that the loss brought forward from A.Y. 2009-10 should be set off against income relating to A.Y. 2010-11. The Assessing Officer noticed that the loss claimed by the assessee on account of revaluation of forward contracts and other assets have been disallowed. Hence the Assessing Officer rejected the claim of the assessee for set off brought forward loss. In the appellate proceedings, the learned CIT(A) noticed that the claim of the assessee was allowed in A.Y. 2009-10 by him and hence the assessee would be eligible for set off brought forward loss. Accordingly, he directed the Assessing Officer to grant consequential relief to the assessee. The Revenue is aggrieved by the said decision the learned CIT(A). We have heard the parties and perused the record. In the preceding paragraph, we have upheld the decision rendered by the learned CIT(A) in A.Y. 2009-10 and hence direction given by the learned CIT(A) in A.Y. 2010-11 to the Assessing Officer to grant consequential relief to the assessee does not call for any interference.
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