https://www.taxtmi.com/caselaws?id=353397 The Tribunal dismissed the revenue's appeal, affirming that the loss incurred by the assessee on account of cancellation of forward contracts is a business loss. The Tribunal's decision was based on the facts that the forward contracts were integral to the assessee's export business, were entered to hedge against currency fluctuations, and were not speculative in nature. The Tribunal upheld the CIT(A)'s order, which relied on judicial precedents and accounting standards to classify the forward contracts loss as a business loss. en-us Wed, 20 Dec 2017 00:00:00 +0530 Wed, 03 Jan 2018 08:08:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353397 The Tribunal dismissed the revenue's appeal, affirming that the loss incurred by the assessee on account of cancellation of forward contracts is a business loss. The Tribunal's decision was based on the facts that the forward contracts were integral to the assessee's export business, were entered to hedge against currency fluctuations, and were not speculative in nature. The Tribunal upheld the CIT(A)'s order, which relied on judicial precedents and accounting standards to classify the forward contracts loss as a business loss. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353397