https://www.taxtmi.com/caselaws?id=182355 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner of Income Tax (Appeals) decisions on both issues. Regarding excess labour payments, the Tribunal confirmed a disallowance of Rs. 50,000, deleting the remaining Rs. 3,50,000 addition. Concerning the forward contract cancellation loss, the Tribunal agreed with the Commissioner that the contracts were not speculative but hedging transactions, allowing the loss as a business loss. en-us Fri, 29 Oct 2010 00:00:00 +0530 Sat, 07 May 2016 17:51:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182355 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner of Income Tax (Appeals) decisions on both issues. Regarding excess labour payments, the Tribunal confirmed a disallowance of Rs. 50,000, deleting the remaining Rs. 3,50,000 addition. Concerning the forward contract cancellation loss, the Tribunal agreed with the Commissioner that the contracts were not speculative but hedging transactions, allowing the loss as a business loss. Case-Laws Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182355