https://www.taxtmi.com/caselaws?id=274103 The appeal contested the Tribunal's decision allowing the Assessee's claim on unexplained foreign exchange forward contract loss for the Assessment year 2008-09. The Appellant argued the loss was notional and should not be considered as stock in trade, as foreign currency trading was not the Assessee's primary business. The Respondent, citing a Supreme Court judgment, supported the Tribunal's decision, stating losses from foreign exchange fluctuations in derivatives were deductible under Section 37(1) of the Act. The Court upheld the Tribunal's decision, finding no error and dismissing the appeal without costs. en-us Mon, 24 Jul 2017 00:00:00 +0530 Sun, 29 Jul 2018 11:40:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274103 The appeal contested the Tribunal's decision allowing the Assessee's claim on unexplained foreign exchange forward contract loss for the Assessment year 2008-09. The Appellant argued the loss was notional and should not be considered as stock in trade, as foreign currency trading was not the Assessee's primary business. The Respondent, citing a Supreme Court judgment, supported the Tribunal's decision, stating losses from foreign exchange fluctuations in derivatives were deductible under Section 37(1) of the Act. The Court upheld the Tribunal's decision, finding no error and dismissing the appeal without costs. Case-Laws Income Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274103