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2019 (3) TMI 745 - HC - Income Tax“Mark to Market” loss arising on revaluation of forward exchange contract on the closing date of the previous year - whether not a notional loss and therefore allowable? - HELD THAT:- Revenue in support of the Appeal has stated that this issue stands concluded against the Appellant-Revenue and in favour of the Assessee by the decision of this Court in the matter of Commissioner of Income Tax-16 Mumbai v/s. M/s. D Chetan & Co. [2016 (10) TMI 629 - BOMBAY HIGH COURT] and Pr. Commissioner of Income Tax 19 v/s. M/s. Polar Star [2018 (12) TMI 1621 - BOMBAY HIGH COURT]. The question that is raised before us does not give rise to any substantial question of law as the issue sought to be raised here is already concluded. Hence not entertained. Question arising from the order of the Tribunal - Non taking cognizance of non-uniformity of rates of revaluation adopted for various debtors and also not following the AS-11 categorical guidance on adopting closing rate of currency - HELD THAT:- It is an undisputed position that this question does not arise from the order of the Tribunal. The impugned order of the Tribunal does not make any mention of any submission being made on behalf of the Appellant – Revenue with regard to the issue sought to be raised here. Hence not entertained. No substantial question of law.
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