https://www.taxtmi.com/caselaws?id=194035 The Tribunal upheld the CIT(A)'s decision allowing the deduction of loss on revaluation of foreign exchange forward contracts for A.Y. 2009-10, emphasizing the non-notional nature of the loss and its eligibility under business income. The Tribunal also supported the set off of brought forward loss against income for A.Y. 2010-11, granting consequential relief to the assessee based on the previous year's decision. Appeals by the Revenue and cross objections by the assessee were dismissed, affirming the decisions on both issues. en-us Wed, 08 Feb 2017 00:00:00 +0530 Sat, 26 Aug 2017 10:20:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194035 The Tribunal upheld the CIT(A)'s decision allowing the deduction of loss on revaluation of foreign exchange forward contracts for A.Y. 2009-10, emphasizing the non-notional nature of the loss and its eligibility under business income. The Tribunal also supported the set off of brought forward loss against income for A.Y. 2010-11, granting consequential relief to the assessee based on the previous year's decision. Appeals by the Revenue and cross objections by the assessee were dismissed, affirming the decisions on both issues. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194035