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2017 (11) TMI 1836 - AT - Income TaxRectification u/s 254 - HELD THAT:- CIT (A) after considering the rival submissions had held that in the light of the decision of Hon'ble Supreme Court in the case of CIT v. Woodward Governer India (P.) Ltd. [2009 (4) TMI 4 - SUPREME COURT] the foreign exchange loss on trading transactions have to be allowed as business loss. CIT (A) directed the AO to allow the loss on realized transaction of foreign exchange as business loss and with regard to quantification of the realized loss, the AO was further directed to recalculate the total amount of realized loss. As regards the claim of unrealized loss, the CIT (A) agreed with the contention of the AO that it is a contingent liability because it is not ascertainable as to at what exchange rate the transactions of foreign exchange will be realized. Therefore considering the nature of such loss of mark to market basis was disallowed and it was held that the same can only be allowed at the time of actual realization of such loss. The bench after considering the order of revenue authorities had dismissed the appeal of the assessee and uphold the order of CIT (A), therefore there was no mistake in interpreting the judgment of Hon'ble Supreme Court. No glaring, obvious or patent mistake has been pointed out by the assessee which is apparent from the record, therefore we are inclined to dismiss the MA filed by the assessee.
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