Priya Soparkar v. D.chetan & Co. (Income Taxappeal

Priya Soparkar 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.915 OF 2016 Pr.Commissioner of Income Tax-19 … Appellant V/s. M/s Polar Star… Respondent --- Mr.Ashok Kotangle with Ms.Padma Divakar with Ms.KashmiraMhatre for the Appellant.Mr.S.J.Mehta for the Respondent. --- CORAM : AKIL KURESHI AND M.S.SANKLECHA, JJ. DATE : JANUARY 14, 2019. P.C.:- 1.Revenue has filed this appeal against the judgment ofIncome Tax Appellate Tribunal dated 5[th] August, 2015 raisingfollowing question for our consideration: “Whether on the facts and in the circumstances ofthe case and in Law, the Tribunal was justified inallowing “Mark to Market” loss ofRs.6,11,76,098/- arising on valuation of forwardexchange contracts on the closing date ofaccounting year?” Priya Soparkar 3. Learned counsel for the revenue fairly pointed out thatsuch a question was raised by the revenue in case of the assesseein Income Tax Appeal No.843 of 2016. The appeal was dismissedby an order dated 11[th] December, 2018 relying upon the decisionof this court in case of CIT Vs. D.Chetan & Co. (Income TaxAppeal No. 278 of 2014) dated 1[st] October, 2016. 4.In the result, Tax Appeal is dismissed. (M.S.SANKLECHA,J.) (AKIL KURESHI,J.)….