Revision u/s 263 by CIT-A - AO’s order is not erroneous and ...

Commissioner's Revision u/s 263 Overturned: Mark-to-Market Loss on Forward Contracts Allowed as Deduction.

November 20, 2021

Case Laws Income Tax AT

Revision u/s 263 by CIT-A - AO’s order is not erroneous and prejudicial to the interest of revenue since mark to market loss incurred by Company on revaluation of forward contracts is an allowable deduction as the loss claimed by the assessee co. was in accordance with a recognized method of accounting, the loss claimed by the assessee co. was not a notional/contingent loss, but is an actual loss and the mark-to-market loss on forward contracts has not been treated as a contingent liability in the audited financial statements. Thus, the mark-to-market loss on forward contracts cannot be said as contingent in nature. - Revision order u/s 263 set aside - AT

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Revision u/s 263 by CIT-A - AO’s order is not erroneous and ...

Commissioner's Revision u/s 263 Overturned: Mark-to-Market Loss on Forward Contracts Allowed as Deduction.

November 20, 2021

Case Laws Income Tax AT

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