https://www.taxtmi.com/caselaws?id=270746 The Tribunal remanded the case to the Assessing Officer with instructions to classify derivative transactions in proportion to export turnover as regular business transactions, treat excess transactions as speculative loss, and exclude prematurely canceled forward contracts from business loss calculations. The Tribunal emphasized that foreign exchange derivatives should be considered regular business transactions up to the export turnover and any excess should be deemed speculative. The Revenue's appeal was allowed for statistical purposes, and the case was remanded for fresh consideration based on the Tribunal's directives. en-us Fri, 18 Dec 2015 00:00:00 +0530 Thu, 14 Jan 2016 11:53:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270746 The Tribunal remanded the case to the Assessing Officer with instructions to classify derivative transactions in proportion to export turnover as regular business transactions, treat excess transactions as speculative loss, and exclude prematurely canceled forward contracts from business loss calculations. The Tribunal emphasized that foreign exchange derivatives should be considered regular business transactions up to the export turnover and any excess should be deemed speculative. The Revenue's appeal was allowed for statistical purposes, and the case was remanded for fresh consideration based on the Tribunal's directives. Case-Laws Income Tax Fri, 18 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270746