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“marked to market loss”

ICDS & AccountingICDS VIICDS VI49 judgments

DCIT 2(3)(2), MUMBAI vs. ICICI BANK LTD, MUMBAI

ITA 1560/MUM/2016[2010-11]Status: DisposedITAT Mumbai20 Feb 2026AY 2010-11
Section 10(15)Section 143(3)Section 14ASection 92B(1)Section 92C

transaction.\n5 \"On facts and circumstances of the case and in law the Ld CIT(A) erred in\nallowing assessee's appeal on marked to market loss ignoring the fact that on\nsimilar issue for AY 2008-09, the Ld CIT(A) had dismissed the appeal.\n6 \"On facts ... delete the entire\ndisallowance.\n10.5 In result, Ground No.3 of the appeal of assessee stands allowed.\n11. Ground No.5 of revenue: Disallowance of mark to market loss on\nforex derivatives.\n11.1 On the aforesaid issue an addition of Rs. 81.50/- crore was made by ld.\nAO. The assessee is involved

ICICI BANK LTD,MUMBAI vs. DCIT 2(3)(2), MUMBAI

Appeal is partly allowed

ITA 1446/MUM/2016[2010-11]Status: DisposedITAT Mumbai20 Feb 2026AY 2010-11
Section 10(15)Section 143(3)Section 14ASection 92B(1)Section 92C

transaction.\n5 \"On facts and circumstances of the case and in law the Ld CIT(A) erred in\nallowing assessee's appeal on marked to market loss ignoring the fact that on\nsimilar issue for AY 2008-09, the Ld CIT(A) had dismissed the appeal.\n6 \"On facts ... delete the entire\ndisallowance.\n10.5 In result, Ground No.3 of the appeal of assessee stands allowed.\n11. Ground No.5 of revenue: Disallowance of mark to market loss on\nforex derivatives.\n11.1 On the aforesaid issue an addition of Rs. 81.50/- crore was made by ld.\nAO. The assessee is involved

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

ITA 5312/MUM/2024[2019-20]Status: DisposedITAT Mumbai04 Dec 2025AY 2019-20
Section 115JSection 135Section 139(1)Section 143(3)Section 144BSection 43ASection 80G

nwherein the Assessing Officer made the\nfollowing\nadditions/adjustments:\na. Disallowance of deduction u/s 80G amounting to Rs.\n11,15,00,000/-\nb. Mark To Market loss on currency swap contracts amounting to Rs.\n1,95,03,97,953/- was added back by the assessee but allowed by\nAssessing officer ... nCIT(A) on this issue. The Ground Nos.1 & 4 of appeal raised by the\nRevenue are therefore dismissed.\nGround Nos.2 & 3: Disallowance of Mark-to-Market Losses on\nCross-Currency Swap Contracts\n11. The Ground Nos.2 and 3 of the appeal concern whether the\nmark-to-market (MTM) loss

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

ITA 5310/MUM/2024[2020-21]Status: DisposedITAT Mumbai04 Dec 2025AY 2020-21
Section 115JSection 135Section 139(1)Section 143(3)Section 144BSection 43ASection 80G

nwherein the Assessing Officer made the following\nadditions/adjustments:\na. Disallowance of deduction u/s 80G amounting to Rs.\n11,15,00,000/-\nb. Mark To Market loss on currency swap contracts amounting to Rs.\n1,95,03,97,953/- was added back by the assessee but allowed by\nAssessing officer ... nCIT(A) on this issue. The Ground Nos.1 & 4 of appeal raised by the\nRevenue are therefore dismissed.\nGround Nos.2 & 3: Disallowance of Mark-to-Market Losses on\nCross-Currency Swap Contracts\n11. The Ground Nos.2 and 3 of the appeal concern whether the\nmark-to-market (MTM) loss

DCIT 2(3)(2), MUMBAI vs. ICICI BANK LTD, MUMBAI

In the result, ground no. 3 of appeal of

ITA 1550/MUM/2016[2009-10]Status: DisposedITAT Mumbai21 Nov 2025AY 2009-10

Bench: Shri Pawan Singh & Shri Girish Agrawal(Physical Hearing) Icici Bank Limited, Dcit, 2(3)(2), Mumbai, Icici Bank Towers, North East Wing, Vs Aayakarbhavan, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue (Physical Hearing) Dcit, 2(3)(2), Mumbai, Icici Bank Limited Aayakar Bhavan, Vs Icici Bank Towers, North East Wing, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue

Section 10(15)Section 14ASection 254(1)Section 92CSection 92C(3)(c)

result, ground no. 4, 5 & 6 of revenue’s appeal are partly allowed. 14. Ground no. 7 in revenue’s appeal relates to Mark to Market loss (MTM) on forex derivatives. Facts relating to this issue is that assessee entered into derivates transaction in the course of its banking

ICICI BANK LTD,MUMBAI vs. DCIT 2(3)(2), MUMBAI

In the result, ground no. 3 of appeal of

ITA 4418/MUM/2015[2009-10]Status: DisposedITAT Mumbai21 Nov 2025AY 2009-10

Bench: Shri Pawan Singh & Shri Girish Agrawal(Physical Hearing) Icici Bank Limited, Dcit, 2(3)(2), Mumbai, Icici Bank Towers, North East Wing, Vs Aayakarbhavan, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue (Physical Hearing) Dcit, 2(3)(2), Mumbai, Icici Bank Limited Aayakar Bhavan, Vs Icici Bank Towers, North East Wing, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue

Section 10(15)Section 14ASection 254(1)Section 92CSection 92C(3)(c)

result, ground no. 4, 5 & 6 of revenue’s appeal are partly allowed. 14. Ground no. 7 in revenue’s appeal relates to Mark to Market loss (MTM) on forex derivatives. Facts relating to this issue is that assessee entered into derivates transaction in the course of its banking

MIRAE ASSET CAPITAL MARKETS (INDIA) PRIVATE LIMITED,MUMBAI vs. INCOME TAX OFFICER, WARD 4(3)(1), MUMBAI, MUMBAI

The appeal of the assessee is allowed

ITA 2099/MUM/2025[2020-21]Status: DisposedITAT Mumbai04 Nov 2025AY 2020-21

Bench: Shri Amit Shukla, Jm& Ms Padmavathy S, Am

For Appellant: Shri Pratik Poddar, & Shreyas SardesaiFor Respondent: 14.10.2025
Section 143(1)Section 143(1)(a)Section 14ASection 234CSection 250

action of the CPC of adding Rs 5,21,93,081 without appreciating that the said amount represented fair value loss (ie mark-to-market loss) on securities held as stock-in-trade which is an allowable loss as per the provisions of ICDS VIII. Disallowance under section ... below: 5. The Ld. AR submitted that the difference of Rs. 5,21,93,081/- is arising out of the difference in the marked to market loss on securities held as stock in trade which is allowable under ICDS VIII whereas the tax auditor has inadvertently reported under ICDS

OCEAN SPARKLE LIMITED,HYDERABAD vs. DCIT., CIRCLE 5(1), HYDERABAD

In the result, appeal of the assessee is dismissed

ITA 1030/HYD/2024[2010-11]Status: DisposedITAT Hyderabad06 Aug 2025AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

For Appellant: Sri Sourabh Soparkar, AdvocateFor Respondent: Shri Gurpreet Singh, Sr. AR
Section 115JSection 143(2)Section 143(3)Section 14ASection 263Section 801A

excluded, while computing income from business and profession. The assessee took support from the Circular no.3/2010 dated 23.03.2010 and argued that, marked to market loss is a national income and, therefore, the same should be adjusted while computing income from business. The learned CIT(A) after considering the relevant submissions

M/S. BODAL CHEMICALS LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-1, AHMEDABAD

In the result, the appeals being IT(SS)A No

ITA 318/AHD/2022[2009-10]Status: DisposedITAT Ahmedabad31 Jul 2025AY 2009-10

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

For Appellant: Shri S.S. Nagar, ARFor Respondent: Shri Kamlesh Makwana, CIT-DR and Shri B.P. Srivastava, Sr.DR
Section 115JSection 132(1)Section 139(1)Section 139(5)Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153A(1)(a)Section 153A(1)(b)

r.w.s 153A dated 21.03.2014 made following disallowances:- (i) Disallowance under Normal Provisions:- Depreciation on Goodwill of Rs.1,13,10,975/- Marked to Market loss on hedging of Foreign Exchange of Rs.9,85,57,184/- Disallowance u/s 14A of the Act of Rs.2,07,518/- The CIT-(A) deleted the additions ... finding given in the said appeal hereinabove will be application herein. Therefore, the Ground No. 5 is allowed/dismissed. 45. Ground No.6 : Disallowance of Marked to Market loss on hedging of foreign exchange of Rs.9,85,57,184/- 6. On the facts and circumstances of the case

ICICI BANK LTD,MUMBAI vs. ADDL CIT RG 3 (1), MUMBAI

ITA 4249/MUM/2014[2008-09]Status: DisposedITAT Mumbai30 Apr 2025AY 2008-09
For Appellant: Arati VissanjiFor Respondent: Shri Ajay Chandra, CIT/DR
Section 10(15)Section 14ASection 36(1)(vii)Section 92C

nAccordingly Ground no.1 raised by the assessee stands\nallowed.\n8. Ground no. 2 raised by the assessee is in respect of\ndisallowance of mark to market loss on forex derivatives. The\nLd.AR submitted that, identical issue has been considered by co-\nordinate bench of this Tribunal ... nassessee in support of its contention. After considering the\nsubmission of the assessee, the Ld.TPO was of the opinion that,\nmerely because marked to market loss has to be provided for, in\nthe books of account as per accounting standard, the same cannot\nconstitute tangible expenditure for the purpose

DCIT CIR 3(1), MUMBAI vs. ICICI BANK LTD, MUMBAI

ITA 4159/MUM/2014[2008-09]Status: DisposedITAT Mumbai30 Apr 2025AY 2008-09
Section 10(15)Section 14ASection 36(1)(vii)Section 92C

nAccordingly Ground no.1 raised by the assessee stands\nallowed.\n8. Ground no. 2 raised by the assessee is in respect of\ndisallowance of mark to market loss on forex derivatives. The\nLd.AR submitted that, identical issue has been considered by co-\nordinate bench of this Tribunal ... nassessee in support of its contention. After considering the\nsubmission of the assessee, the Ld.TPO was of the opinion that,\nmerely because marked to market loss has to be provided for, in\nthe books of account as per accounting standard, the same cannot\nconstitute tangible expenditure for the purpose

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

In the result, both the appeals of the assessee are allowed

ITA 363/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2015-16
Section 263Section 43(5)Section 73

nnotional loss as no sale/conclusion/settlement of contract has taken place and the\nasset continues to be owned by the company.\nA 'Marked to Market' loss may be given different accounting treatment by different\nassessees. Some may reflect such loss as a balance sheet item without making any\ncorresponding adjustment ... detect them. In such cases, the\nAssessing Officers should make a specific query asking the assessee to give a break\nup of any 'Marked to Market' loss on a forex-derivatives included in the Profit and\nLoss Account and examine whether such transactions are 'eligible transaction' in\nterms of section

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

In the result, both the appeals of the assessee are allowed

ITA 362/AHD/2020[2014-15]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2014-15
Section 263Section 43(5)Section 73

nnotional loss as no sale/conclusion/settlement of contract has taken place and the\nasset continues to be owned by the company.\nA 'Marked to Market' loss may be given different accounting treatment by different\nassessees. Some may reflect such loss as a balance sheet item without making any\ncorresponding adjustment ... detect them. In such cases, the\nAssessing Officers should make a specific query asking the assessee to give a break\nup of any 'Marked to Market' loss on a forex-derivatives included in the Profit and\nLoss Account and examine whether such transactions are 'eligible transaction' in\nterms of section

FLSMIDTH PRIVATE LIMITED,CHENNAI vs. PCIT- 1, CHENNAI

In the result, the appeal filed by the assessee is dismissed

ITA 1636/CHNY/2024[2014-15]Status: DisposedITAT Chennai10 Dec 2024AY 2014-15

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.1636/Chny/2024 िनधा:रण वष: /Assessment Year: 2014-15 M/S. Flsmidth Pvt. Ltd., The Principal Commissioner Of No.34, Egatoor, Kelambakkam Vs. Income Tax-1, Rajiv Gandhi Salai, Chennai. Chennai – 603 103. [Pan: Aaacf 4997N]

For Appellant: Shri S.P. Chidambaram, AdvocateFor Respondent: Shri Nilay Baran Som, CIT
Section 143(3)Section 147Section 14ASection 263

been debited under Loss on Exchange Fluctuation vide Sl. No. 26 Other expenses. Since the loss on marked to market loss is not :- 5 -: an allowable expenditure, the same is requires to be added in the income of the assessee company and brought to tax. And the case was reopened

M/S. COASTAL ENERGY PRIVATE LIMITED REPRESENTED BY LIQUIDATOR,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(2),CHENNAI, CHENNAI

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1366/CHNY/2023[2013-14]Status: DisposedITAT Chennai25 Oct 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

been computed on scientific basis. 2.2 The ld. CIT(A) has failed to appreciate that in terms of the CBDT Instruction No.03/2010, Marked to Market losses where there is no actual settlement cannot be allowed and in the instance case, the assessee has only made a journal entry

M/S. COASTAL ENERGY PRIVATE LIMITED REPRESENTED BY LIQUIDATOR,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(2), CHENNAI, CHENNAI

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1365/CHNY/2023[2012-13]Status: DisposedITAT Chennai25 Oct 2024AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

been computed on scientific basis. 2.2 The ld. CIT(A) has failed to appreciate that in terms of the CBDT Instruction No.03/2010, Marked to Market losses where there is no actual settlement cannot be allowed and in the instance case, the assessee has only made a journal entry

M/S. COASTAL ENERGY PRIVATE LIMITED REPRESENTED BY LIQUIDATOR,CHENNAI vs. DCIT, CORPORATE CIRCLE-1 (2), CHENNAI, CHENNAI

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1364/CHNY/2023[2011-12]Status: DisposedITAT Chennai25 Oct 2024AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

been computed on scientific basis. 2.2 The ld. CIT(A) has failed to appreciate that in terms of the CBDT Instruction No.03/2010, Marked to Market losses where there is no actual settlement cannot be allowed and in the instance case, the assessee has only made a journal entry

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COASTAL ENERGY PRIVATE LIMITED (UNDER OFFICIAL LIQUIDATOR), CHENNAI

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1363/CHNY/2023[2008-09]Status: DisposedITAT Chennai25 Oct 2024AY 2008-09

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

been computed on scientific basis. 2.2 The ld. CIT(A) has failed to appreciate that in terms of the CBDT Instruction No.03/2010, Marked to Market losses where there is no actual settlement cannot be allowed and in the instance case, the assessee has only made a journal entry

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

In the result, the appeal filed by the assessee is partly allowed as indicated above

ITA 1617/DEL/2023[2018-19]Status: DisposedITAT Delhi14 Aug 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Section 115JSection 145(2)Section 32Section 36Section 36(1)(iii)Section 37Section 43ASection 46ASection 80I

applied in the usual manner while working out such deduction. iii) Para 4(ii) of the ICDS-I states that (ii) "marked to market loss or an expected loss shall not be recognised unless the recognition of such loss is in accordance with the provisions of any other Income Computation

TITAN COMPANY LIMITED 9EARSTWHILE KNOWN AS TITAN INDUSTRIES LIMITED),KRISHNAGIRI vs. ACIT LTU 1, CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

ITA 518/CHNY/2018[2009-10]Status: DisposedITAT Chennai29 May 2024AY 2009-10

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

appeal for assessment year 2012- 13 is as regards to the order of CIT(A) confirming the action of the AO in disallowing marked to market loss arising on ECB loans and loss arising due to hedging exposures related to commitments on sales and purchases. For this, assessee has raised ... following Ground No.2:- 2. Disallowance of Marked to Market Losses ('MTM') - Rs. 2,17,16,894 The Hon'ble CIT(A) has erred in disallowing an amount of Rs. 2,17, 16,894 on account of MTM losses break-up of the which is as follows: S.No. Particulars Amount

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