MTM losses incurred in regular course of business of ICICI Bank allowable as deduction: ITAT directs AO to bring MTM gain reverse back to tax [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that mark-to-market losses incurred in the regular course of business by ICICI Bank
By Aparna. M - On December 26, 2023 10:26 am - 2 mins read
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that mark-to-market losses incurred in the regular course of business by ICICI Bank are allowable as a deduction for computing tax liability. Therefore, the bench directed the assessing officer to reverse the mark-to-market gain back to tax. ICICI Bank Ltd, engaged in the business of banking…
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