M2M loss on Future and Forward Contracts are not Notional Loss of Contingent Nature: ITAT allows Foreign Exchange Fluctuation Loss [Read Order]

M2M loss on Future and Forward Contract - Notional Loss - M2M loss - ITAT - Foreign Exchange Fluctuation Loss - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the foreign exchange fluctuation loss holding that the Market to Market (M2M) loss on future and forward contracts were not notional loss of contingent nature. The assessee, Sopra India Pvt. Ltd was engaged in the business of development of software and providing IT solutions…

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