Pr. Commissioner Of Income Tax-19 v. M/S. Venus Jewel

DDR IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO. 1291 OF 2016 Pr. Commissioner of Income Tax-19..Appellant Vs. M/s. Venus Jewel ..Respondent …......... Mr. Ashok Kotangle a/w. Ms. Padma Divakar for appellant.Ms. Neelam Jadhav for respondent …......... CORAM : AKIL KURESHI & M.S. KARNIK, JJ. DATE : 4[th] JANUARY, 2019 P.C.: The Revenue in Appeal against the judgment of the Income Tax Appellate Tribunal dated 31/7/2015 raisingfollowing question for our consideration : “Whether on the facts and circumstances of the case and in Law, the Hon'ble ITAT has erred in holding that the 'Mark-to-Market'loss is an allowable loss, particularly when the CBDT InstructionNo. 03/2010 dated 23-3-2010 has clearly classified such loss asnotional loss being contingent in nature and hence not allowableto be set off against the taxable income?” 52. itxa 1291-16.doc 2.Learned Counsel for Revenue fairly pointed out thatsimilar issue had come up for consideration before this Court inIncome Tax Appeal No. 788 of 2016 which was dismissed by anorder dated 11/12/2018 following the judgment of this Court incase of CIT v/s. M/s. D. Chetan & Co. (Income Tax AppealNo.278 of 2014) dated 1[st] October, 2016. 3.In the result, Income Tax Appeal is dismissed. (M.S. KARNIK, J.) (AKIL KURESHI, J.)