Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
The ITAT affirmed the appellate authority's order, dismissing the revenue's grounds and holding that losses on settlement of forward contracts constituted allowable business losses rather than speculative losses. The tribunal found the forward contracts were bona fide hedges of confirmed export receivables (Japanese Yen) incidental to the assessee's core export business, not foreign-currency trading, and noted prior years' treatment of exchange gains as business receipts. Applying the proviso to clause (a) of s.43(5) of the Act and following controlling judicial precedent, the ITAT held the hedging losses eligible for set-off against business income and confirmed relief granted to the assessee.
The ITAT affirmed the appellate authority's order, dismissing the revenue's grounds and holding that losses on settlement of forward contracts constituted allowable business losses rather than speculative losses. The tribunal found the forward contracts were bona fide hedges of confirmed export receivables (Japanese Yen) incidental to the assessee's core export business, not foreign-currency trading, and noted prior years' treatment of exchange gains as business receipts. Applying the proviso to clause (a) of s.43(5) of the Act and following controlling judicial precedent, the ITAT held the hedging losses eligible for set-off against business income and confirmed relief granted to the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
