https://www.taxtmi.com/caselaws?id=360970 The tribunal partly allowed the appeal filed by the assessee, permitting the Foreign Exchange (FE) loss and the discount given to the sister concern. The FE loss disallowed by the Assessing Officer was allowed, as the tribunal determined the transactions were hedging contracts, not speculative. The tribunal also reversed the addition made on the ground of undervaluation of turnover, allowing the discount given to the sister concern. The issue of FE loss of Rs. 1.52 crores was remanded back to the Assessing Officer for verification. en-us Wed, 23 May 2018 00:00:00 +0530 Sat, 26 May 2018 08:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360970 The tribunal partly allowed the appeal filed by the assessee, permitting the Foreign Exchange (FE) loss and the discount given to the sister concern. The FE loss disallowed by the Assessing Officer was allowed, as the tribunal determined the transactions were hedging contracts, not speculative. The tribunal also reversed the addition made on the ground of undervaluation of turnover, allowing the discount given to the sister concern. The issue of FE loss of Rs. 1.52 crores was remanded back to the Assessing Officer for verification. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360970