https://www.taxtmi.com/caselaws?id=194703 Cancellation loss on matured forward contracts linked to diamond exports was held to be allowable as business loss, consistent with binding Bombay HC precedent. The Revenue's challenge failed because counsel conceded that earlier decisions had already concluded the legal issue against it, and the Court held that the question raised did not give rise to any substantial question of law. The Tribunal's view allowing the loss was therefore left undisturbed and the appeal was dismissed. en-us Fri, 17 Feb 2017 00:00:00 +0530 Wed, 20 Sep 2017 07:34:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194703 Cancellation loss on matured forward contracts linked to diamond exports was held to be allowable as business loss, consistent with binding Bombay HC precedent. The Revenue's challenge failed because counsel conceded that earlier decisions had already concluded the legal issue against it, and the Court held that the question raised did not give rise to any substantial question of law. The Tribunal's view allowing the loss was therefore left undisturbed and the appeal was dismissed. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194703