‘Marked to market loss’ not being notional loss is allowable expenditure

JBF Industries Ltd Vs Asst. CIT (ITAT Mumbai) ITAT Mumbai held that that the ‘marked to market loss’ is not a notional loss and is, therefore, allowable expenditure. Facts- The assessee company is a limited company engaged in the business of manufacturing and trading in POY, PTY, Bulk drugs, etc. The assessee’s case was selected for scrutiny and the A.O. made a reference u/s. 92CA(1) of the Act to the Transfer Pricing Officer (TPO for short) for computation of arms length price in relation to the international transactions of the assessee and also made an addition on the foreign exchange...