https://www.taxtmi.com/caselaws?id=252642 The tribunal upheld the FAA's decision, confirming the speculative nature of the transactions involving cancellation of foreign currency forward contracts. The appeal was dismissed, affirming the disallowance of the loss. The tribunal emphasized the requirement to prove the linkage of forward contracts to specific export bills and classified foreign currency as a commodity under section 43(5). en-us Fri, 17 Oct 2014 00:00:00 +0530 Fri, 31 Oct 2014 08:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252642 The tribunal upheld the FAA's decision, confirming the speculative nature of the transactions involving cancellation of foreign currency forward contracts. The appeal was dismissed, affirming the disallowance of the loss. The tribunal emphasized the requirement to prove the linkage of forward contracts to specific export bills and classified foreign currency as a commodity under section 43(5). Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252642