https://www.taxtmi.com/caselaws?id=233873 HC held that losses on cancelled forward foreign-exchange contracts were business losses deductible, not speculative transactions under section 43(5). Because the taxpayer was not a foreign-exchange dealer and forward contracts were incidental hedging in the ordinary course of business, settlement without actual delivery did not convert the losses into speculative expenditure. The burden of proof did not defeat the deduction; the taxpayer was entitled to treat the cancellations as revenue/business loss. en-us Tue, 23 Aug 2011 00:00:00 +0530 Mon, 18 May 2026 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233873 HC held that losses on cancelled forward foreign-exchange contracts were business losses deductible, not speculative transactions under section 43(5). Because the taxpayer was not a foreign-exchange dealer and forward contracts were incidental hedging in the ordinary course of business, settlement without actual delivery did not convert the losses into speculative expenditure. The burden of proof did not defeat the deduction; the taxpayer was entitled to treat the cancellations as revenue/business loss. Case-Laws Income Tax Tue, 23 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233873