Dismissing the appeal of the revenue Court held that, the Mark to Market Loss on account on foreign exchange forward contract loss, said loss was a notional loss and hence is allowable. (Arising out of ITA No.3757/Mum/2013 dt.24/06/2015)(ITA No.594 of 2016 dt.03/12/2018)
PCIT v. Rikin Exports (Bom)(HC)(UR) Editorial : SLP of revenue is dismissed. (SLP18517/2019 dt.24/02/2020)
S.45(3) : Foreign exchange forward contract loss – Allowable as business loss and setoff against loss. [ S.28(i) ]