Case Law Details
Case Name : Bechtel India Pvt. Ltd. Vs DCIT (ITAT Delhi)
Related Assessment Year :
Courts :
All ITAT ITAT Delhi
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Assessee booked mart to market loss of Rs.21.80 crore as on 31.3.09 being difference in the INR value of the USD as on 31.3.09 and the value of which the hedging contract was agreed to be settled. We further note that the assessee is following mercantile system of account for recognition of this loss in its financial statements.
When we see the order of the DRP para 3.7.1, then it is amply clear that the ld. DRP has alleged that the forward contracts are not fully supported by the underlying support invoice both in terms of the amount as well as the tenure
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