https://www.taxtmi.com/caselaws?id=177266 The Tribunal upheld the deletion of the addition on account of Gross Profit, considering the rejection of books without material evidence as unjustified. The treatment of loss as a business loss, not speculation loss, was supported by the Tribunal based on the nature of forward contracts. However, the addition on account of foreign travel expenses was reinstated due to lack of detailed expenditure evidence. The Revenue's appeal was partially allowed, and the assessee's Cross Objection was dismissed. en-us Fri, 09 Sep 2011 00:00:00 +0530 Wed, 06 Jan 2016 10:48:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177266 The Tribunal upheld the deletion of the addition on account of Gross Profit, considering the rejection of books without material evidence as unjustified. The treatment of loss as a business loss, not speculation loss, was supported by the Tribunal based on the nature of forward contracts. However, the addition on account of foreign travel expenses was reinstated due to lack of detailed expenditure evidence. The Revenue's appeal was partially allowed, and the assessee's Cross Objection was dismissed. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177266