{"id":37718,"date":"2023-10-16T11:16:47","date_gmt":"2023-10-16T05:46:47","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-kesoram-industries-ltd-2023-291-taxman-562-calhc\/"},"modified":"2023-10-16T11:16:47","modified_gmt":"2023-10-16T05:46:47","slug":"pcit-v-kesoram-industries-ltd-2023-291-taxman-562-calhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-kesoram-industries-ltd-2023-291-taxman-562-calhc\/","title":{"rendered":"PCIT v. Kesoram Industries Ltd. (2023) 291 Taxman 562 (Cal)(HC)"},"content":{"rendered":"<p>Assessee claimed derivative loss which was booked on a marked-to-market basis on foreign exchange fluctuation at year-end on a mercantile basis. Revenue disallowed the loss on the basis that the same was a provision for the future and was, therefore, notional in nature. High Court dismissed the departmental appeal and held that the loss was allowable as a deduction under section 37(1) of the Act. In this regard, High Court followed its earlier decision in the case of <em>Pr. CIT v. Pricewaterhouse Coopers (P.) Ltd. <\/em>[ITAT No. 269 of 2017, dated 17-12-2021]. (AY 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure-Derivative loss-Business loss-Mark-to-market basis-account Foreign exchange fluctuation-Mercantile basis-Allowable as deduction. [S. 28(i), 145]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-37718","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9Om","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37718"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37718\/revisions"}],"predecessor-version":[{"id":37719,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37718\/revisions\/37719"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}