Forward foreign exchange loss claims may not raise a substantial question of law where binding precedent already settles the issue.

A claim for loss on forward foreign exchange contracts was treated as already settled against the Revenue and in favour of the assessee by an earlier binding decision, so the proposed issue under Section 260A of the Income-tax Act, 1961 did not raise any substantial question of law. On that basis, the appeal was not entertained and stood dismissed.

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Issues: Whether the assessee's claim for loss on forward foreign exchange contracts gave rise to any substantial question of law under Section 260A of the Income-tax Act, 1961.

Analysis: The issue raised was stated to be already concluded against the Revenue and in favour of the assessee by an earlier decision of the same Court. In view of that binding precedent, the proposed question was held not to involve any substantial question of law.

Conclusion: The appeal was not entertained and stood dismissed.

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