https://www.taxtmi.com/caselaws?id=339211 The Tribunal upheld the CIT(A)'s decision to delete the addition of speculation income on forward contracts for the assessment year 2010-11. Relying on judicial precedents emphasizing that notional gains on forward contracts should not be taxed until actual realization, the Tribunal dismissed the Revenue's appeal. The Tribunal directed the AO to tax such gains in subsequent years when they materialize, in line with the mercantile system of accounting and principles established in relevant case law. en-us Wed, 15 Feb 2017 00:00:00 +0530 Tue, 21 Feb 2017 00:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339211 The Tribunal upheld the CIT(A)'s decision to delete the addition of speculation income on forward contracts for the assessment year 2010-11. Relying on judicial precedents emphasizing that notional gains on forward contracts should not be taxed until actual realization, the Tribunal dismissed the Revenue's appeal. The Tribunal directed the AO to tax such gains in subsequent years when they materialize, in line with the mercantile system of accounting and principles established in relevant case law. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339211