Dhaval Desai (7/152 Swaminityanand Society Near Andheri station Andheri(E)) (92 Points)
12 May 2009Whether market to market loss on the balance sheet date allowable under the income tax act
(in relation to unsettled transaction standing to the credit/debit on the balance sheet date)
please support ur answer by necessary sections/circulars/notifications & judicial decision
Sachin
(Chartered Accountant)
(419 Points)
Replied 12 May 2009
Dear Daval,
there is no any provision in the income tax for it and there is no any case law on it and department is not allowing this loss therefore it is admisible that this loss should not claim. write me any query on the income tax. my email id is sachinagarwalcallb @ gmail.com
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