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2015 (11) TMI 1200 - AT - Income TaxAddition made on account of mark to market loss - CIT(A) deleted the addition - Held that:- The assessee is consistently following the cost or Mark to Market value, whichever is lower for valuation of outstanding interest rate swap on each balance sheet date. Furthermore, a liability is said to have crystalised when a pending obligation on the balance sheet date is determinable with reasonable certainty. The detailed findings recorded by CIT(A) in this regard have not been controverted by ld. DR. Accordingly, we do not find any infirmity in the order of CIT(A) for allowing Mark to Market loss. - Decided against revenue.
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