M2M loss arising on valuation of forward contract on closing date of accounting year allowable as business loss: ITAT

INCOME TAX : Where assessee-company had entered into forward contracts as a hedge against fluctuation in foreign currency rates and had been following mercantile system of accounting and accounting standards-11 over years, applying closing rate of foreign currency at year end, marked to market loss arising on valuation of forward contract on closing date of accounting year was to be allowed as business loss under section 28(i)

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