https://www.taxtmi.com/caselaws?id=326592 The Tribunal allowed the appeal, ruling that the loss of Rs. 2,13,43,725/- on the restatement of forward contracts at year-end exchange rate is not speculative. The loss was deemed allowable as a business loss under Section 37(1) of the Income Tax Act. The AO was instructed to remove the disallowance. en-us Fri, 26 Feb 2016 00:00:00 +0530 Tue, 19 Apr 2016 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326592 The Tribunal allowed the appeal, ruling that the loss of Rs. 2,13,43,725/- on the restatement of forward contracts at year-end exchange rate is not speculative. The loss was deemed allowable as a business loss under Section 37(1) of the Income Tax Act. The AO was instructed to remove the disallowance. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326592