https://www.taxtmi.com/caselaws?id=198606 The High Court upheld the Tribunal's decision regarding the allowability of a notional loss on an unexplained foreign exchange forward contract for the Assessment year 2009-10 under the Income Tax Act. Relying on the Apex Court's ruling in a similar case, the High Court found no error in allowing the notional loss deduction, emphasizing that such losses should be considered on the last day of the accounting year and are deductible under Section 37(1) of the Income Tax Act. As no substantial question of law arose, the Appeal was dismissed without costs awarded. en-us Mon, 24 Jul 2017 00:00:00 +0530 Mon, 05 Feb 2018 16:47:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198606 The High Court upheld the Tribunal's decision regarding the allowability of a notional loss on an unexplained foreign exchange forward contract for the Assessment year 2009-10 under the Income Tax Act. Relying on the Apex Court's ruling in a similar case, the High Court found no error in allowing the notional loss deduction, emphasizing that such losses should be considered on the last day of the accounting year and are deductible under Section 37(1) of the Income Tax Act. As no substantial question of law arose, the Appeal was dismissed without costs awarded. Case-Laws Income Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198606