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2015 (10) TMI 2770 - AT - Income TaxDisallowance on account of mark to market loss - CIT(A) allowed assessee’s claim - HELD THAT:- As found from the record that forward contracts were hedged against the debtors. Accordingly resultant loss was claimed as mark to market loss. The issue under consideration is squarely covered in the case of Bank of Bahrain and Kuwait, [2010 (8) TMI 578 - ITAT, MUMBAI] which have been elaborately dealt by the CIT(A) while reaching to the conclusion that mark to market loss on account of foreign contract done to hedge the risk of exchange fluctuations is allowable as business loss and which has been determined as per accounting method regularly followed by the assessee. Accordingly, we do not find any merit in the order of CIT(A). - Decided against revenue
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