https://www.taxtmi.com/caselaws?id=247805 The Tribunal allowed the appeal, setting aside the CIT(A)'s decision and remanding the case to the AO. The Tribunal held that the loss on foreign currency fluctuation was a business loss, not speculative, as the forward contracts were for hedging purposes. The AO was directed to reassess the case, ensuring the hedging transactions were integral to the business. The reassessment would also cover the charging of interest under Section 234 and the initiation of penalties under Section 271(1)(c). en-us Wed, 12 Feb 2014 00:00:00 +0530 Fri, 23 May 2014 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247805 The Tribunal allowed the appeal, setting aside the CIT(A)'s decision and remanding the case to the AO. The Tribunal held that the loss on foreign currency fluctuation was a business loss, not speculative, as the forward contracts were for hedging purposes. The AO was directed to reassess the case, ensuring the hedging transactions were integral to the business. The reassessment would also cover the charging of interest under Section 234 and the initiation of penalties under Section 271(1)(c). Case-Laws Income Tax Wed, 12 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247805