Pr. Commissioner Of Income Tax -19 v. M/S. Ratnadeep Impex

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO.O.C.J. INCOME TAX APPEAL NO. 616 OF 2017 Pr. Commissioner of Income Tax -19..Appellant Versus M/s. Ratnadeep Impex..Respondent ................... Mr. Ashok Kotangle a/w Ms. Dhruti Kapdia & Mr. Prabhakar S.Ranshur for the Appellant Mr. Ashok Kotangle a/w Ms. Dhruti Kapdia & Mr. Prabhakar S.Ranshur for the Appellant ................... CORAM : AKIL KURESHI & S.J. KATHAWALLA, JJ. DATE : AUGUST 5, 2019. P.C.: 1.Revenue is in the appeal against the judgment of theIncome Tax Appellate Tribunal, Mumbai ("the Tribunal" forshort) dated 20.5.2016 raising following question for ourconsideration:- " Whether on the facts and circumstances of the case and in law,Mark to Market losses on the date of balance sheet in respect ofunexpired foreign exchange forward contract was in the nature of acontingent or notional loss, not eligible for deduction u/S. 37 of theI.T. Act, 1961?" 2. Learned counsel for the Revenue candidly brought to our notice a fact that this Court in the case of CIT Vs. D. Chetan & Co[1], has examined such an issue rejecting theRevenue's appeal. Under these circumstances, this Appeal is also dismissed. [ S.J. KATHAWALLA, J. ] [ AKIL KURESHI, J ] 1[2017] 390 ITR 36 (Bom)