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of <h1>Bombay HC upholds decision on Forward Contracts loss allowance under Income Tax Act.</h1> <h3>Pr. Commissioner of Income Tax-5 Versus M/s. M. Suresh & Co. Pvt. Ltd.</h3> Pr. Commissioner of Income Tax-5 Versus M/s. M. Suresh & Co. Pvt. Ltd. - TMI The Bombay High Court dismissed an appeal challenging an order related to Assessment Year 2008-09 under the Income Tax Act. The appeal questioned the allowance of loss on Forward Contracts in foreign exchange for a diamond merchant. The Court upheld the decision in favor of the respondent assessee based on a previous case law, and the appeal was dismissed.
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