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2018 (10) TMI 59 - AT - Income TaxRejection of claim of set off of loss incurred by the appellant in 100% Export Oriented Unit as eligible for exemption u/s 10B - alleged loss was claimed as set off against the profit of other Division of the assessee - Held that:- From perusal of the CBDT Circular No.7/DV/2013 dated 16.7.2013 as well as the judgments referred and relied by the Ld. Counsel for the assessee, we find force in the contention of the assessee. Hon'ble Bombay High Court in the case of DCIT V Hindustan Unilever 2010 (4) TMI 206 - BOMBAY HIGH COURT] dealing with the same issue has allowed the claim of set off of loss incurred in one of the EOU units eligible for exemption u/s 10B of the Act against the profits of other units run by the same assessee. - Decided in favour of assessee Marked to market loss - Disallowance of claim of foreign currency fluctuation loss as suffered by the assessee on account of forward market contract of forex derivatives outstanding at the year end - Held that:- Co-ordinate Bench, Mumbai in the case of ACIT V M/s. D. Dipak & Co [2013 (7) TMI 255 - ITAT MUMBAI] dealing with the same issue of “marked to market” loss of notional nature, allowed the issue in favour of the assessee by relying on the Special Bench decision in the case of DCIT V Bank of Bahrain & Kuwait [2010 (8) TMI 578 - ITAT, MUMBAI]concluded that a liability is said to have crystallized when a pending obligation on the balance sheet date is determinable with reasonable certainty. - Decided in favour of assessee
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