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2017 (2) TMI 1243 - HC - Income TaxAllowability of loss - Tribunal allowing the loss as business loss being related to forward contracts which are integral or incidental to the export of diamonds arising from cancellation of matured contracts - Held that:- The issue arising herein stands concluded against the Revenue and in favour of the respondent assessee by the decision of this Court in Commissioner of Income Tax Vs. M/s. D. Chetan & Co. (2016 (10) TMI 629 - BOMBAY HIGH COURT ) held Tribunal was justified in deleting the addition of 'Mark to Market' Loss made by the Assessing Officer on account of disallowance of loss on foreign exchange forward contract loss. - Decided in favour of assessee
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