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2018 (10) TMI 847 - AT - Income TaxAllowing mark to market loss on account of outstanding forward contract liability - Held that:- Issue under consideration is squarely covered by the decision of jurisdictional High Court in case of D. Chetan & Co.[2016 (10) TMI 629 - BOMBAY HIGH COURT] and also by London Star Diamonds Co. (India) Pvt. Ltd.[2016 (10) TMI 1110 - BOMBAY HIGH COURT]. We also found that CIT(A) has dealt with the issue threadbare and after giving detailed finding reached to the conclusion that restatement of the forward contract obligations was done in AS-11 in a consistent manner over the years. Furthermore, the forward contract transactions so entered during the course of regular business and not a speculation transaction. Respectfully following the various judicial pronouncements referred by CIT(A) in his order as well as jurisdictional High Court as mentioned above, we do not find any infirmity in the order of CIT(A) for deleting the disallowance. - decided against revenue.
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