https://www.taxtmi.com/caselaws?id=341755 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of a forward booking loss treated as speculation loss, emphasizing that the transactions were incidental to the main business and aimed at safeguarding legitimate business interests. Additionally, the Tribunal upheld the deletion of an addition made on account of forex loss claimed by the assessee, noting that the losses were deductible in computation of business profits and that the accounting method used was consistent with Accounting Standards. The appeal was dismissed in its entirety on April 11, 2017. en-us Tue, 11 Apr 2017 00:00:00 +0530 Mon, 17 Apr 2017 08:50:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341755 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of a forward booking loss treated as speculation loss, emphasizing that the transactions were incidental to the main business and aimed at safeguarding legitimate business interests. Additionally, the Tribunal upheld the deletion of an addition made on account of forex loss claimed by the assessee, noting that the losses were deductible in computation of business profits and that the accounting method used was consistent with Accounting Standards. The appeal was dismissed in its entirety on April 11, 2017. Case-Laws Income Tax Tue, 11 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341755