Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
The loss arising on cancellation of foreign currency forward contracts cannot be treated as speculative loss u/s 43(5) - It is not required by the assessee to establish a one–to–one linkage between the forward contracts and the export/import transaction. What is required to look at is, whether the amount of hedging transaction is within the amount of underlying transaction of imports and export.
The loss arising on cancellation of foreign currency forward contracts cannot be treated as speculative loss u/s 43(5) - It is not required by the assessee to establish a one–to–one linkage between the forward contracts and the export/import transaction. What is required to look at is, whether the amount of hedging transaction is within the amount of underlying transaction of imports and export.
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