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2018 (5) TMI 2135 - AT - Income TaxDisallowing assessee’s market-to-market loss claimed treating the same to be notional and a contingent liability - HELD THAT:- Both parties are very fair in pointing out that various co-ordinate benches decisions have already upheld the CIT(A)’s similar action in the said preceding assessment years. Respective orders are [2018 (2) TMI 1806 - ITAT KOLKATA], [2017 (10) TMI 1399 - ITAT KOLKATA]and [2017 (3) TMI 1173 - ITAT KOLKATA] DR is very fair in not indicating any distinction on facts or law therein. We therefore conclude that the CIT(A) has rightly deleted the impugned market-to-market loss disallowance. The Revenue’s former substantive ground fails. Additional depreciation claim disallowance third proviso to Section 32(1)(ii) - Asset put to use for period less than 180 days - Scope of amendment is carried out in the Act - HELD THAT:- The proviso inserted by the Act, 2015 being curative in nature was retrospective in operation since it merely removes the unintended hardship. Moreover the said amendment is in consonance with the judicial interpretation placed on the provisions of Section 32(1)(iia) of the Act and therefore direct he AO to allow the appellant benefit of additional depreciation in relation to actual cost of plant and machineries installed in AY 2011-12 but put to use for period less than 180 days - Ground is therefore allowed. Revenue’s appeal is dismissed.
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