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ACIT - 16 (3) Mumbai Versus M/s. Rikin Exports

2015 (6) TMI 1020 - ITAT MUMBAI

Mark-to-Market loss arising on re-valuation of forward contract agreements on the closing date of accounting year - whether is not a notional loss and, therefore, allowable? - Held that:- The learned CIT(A) followed the decision of DCIT vs. Bank of B .....

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ee’s business and in fact the gain earned on such revaluation having been accepted and brought to tax in the respective years, there is no reason to arrive at a different conclusion in this year merely because there is a loss. He accordingly correctl .....

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or the Respondent: Shri K.A. Vaidyalingan O R D E R Per Sanjay Arora, A.M. This appeal by the Revenue is directed against the order passed by CIT(A)-27, Mumbai and it pertains to A.Y. 2009-10. 2. The only ground urged before us reads as under: - 1. W .....

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ss and, therefore, allowable. 3. Facts necessary for disposal of the appeal are stated in brief. Assessee is engaged in the business of importing rough diamonds, cutting and polishing the same and exporting such diamonds. In the course of business it .....

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entered into within the framework of RBI guidelines. These contracts generally have a maturity profile which coincides with expected dates of foreign currency receivables or payables. Assessee consistently followed the accounting method wherein mark- .....

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oss of 7.05 crores, which was disallowed by the AO. The learned CIT(A) followed the decision of the ITAT Special Bench, Mumbai in the case of DCIT vs. Bank of Bahrain and Kuwait (ITA Nos. 4404 & 1883/Mum/2004) and also the decision of the Apex Co .....

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ed and brought to tax in the respective years, there is no reason to arrive at a different conclusion in this year merely because there is a loss. He accordingly directed the AO to allow the impugned claim of the assessee. 4. Aggrieved, Revenue is in .....

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