https://www.taxtmi.com/caselaws?id=239247 The Tribunal partly allowed the appeal, recognizing Forward Exchange Loss as a business loss for contracts canceled on or after the due date and three days prior due to weekends. For other premature cancellations, the matter was remanded to the AO for further examination. The Tribunal upheld that Forward Contracts linked to export business should be treated as hedging transactions and not speculative, allowing the set-off of related losses against profits from foreign exchange fluctuations. en-us Fri, 11 Oct 2013 00:00:00 +0530 Sat, 09 Nov 2013 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239247 The Tribunal partly allowed the appeal, recognizing Forward Exchange Loss as a business loss for contracts canceled on or after the due date and three days prior due to weekends. For other premature cancellations, the matter was remanded to the AO for further examination. The Tribunal upheld that Forward Contracts linked to export business should be treated as hedging transactions and not speculative, allowing the set-off of related losses against profits from foreign exchange fluctuations. Case-Laws Income Tax Fri, 11 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239247