Mark-2-Market loss on foreign exchange derivative allowed

Adani Petronet (Dahej) Port Pvt. Ltd Vs DCIT (ITAT Ahmedabad) Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability. Facts- The assessee, is a company which is engaged in the business of development, operation and maintenance of a solid cargo terminal at Dahej. The ROI filed declaring a loss of (-) Rs.94,55,91,217/-...