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2019 (2) TMI 1715 - HC - Income TaxLoss due to revaluation of forward exchange contracts being mark to market loss was only notional and contingent in nature - set off against taxable income as per CBDT instruction 03/2010 dated 23.03.2010 - HELD THAT:- It is an agreed position between the parties that the issue raised herein stands concluded against the Appellant Revenue by the decision of this Court in CIT v/s. M/s. D. Chetan & Co. [2016 (10) TMI 629 - BOMBAY HIGH COURT] Revenue states that in view of the Instruction No.3 of 2010 dated 23rd March, 2010, the issued by the CBDT contend that, loss in such case is notional and contingent in nature and same should be added but for the purpose of computing taxable income. The aforesaid submission was the basis of the order of the Assessing Officer and not accepted by this Court in M/s. D. Chetan & Co., (supra). Therefore, the above Circular/ Instruction would not have any application in the face of the decision of this Court in M/s. D.Chetan &Co., (supra). No substantial question of law
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