market to market loss on the balance sheet date allowable

Dhaval Desai (7/152 Swaminityanand Society Near Andheri station Andheri(E))   (92 Points)

12 May 2009  

Whether 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