https://www.taxtmi.com/caselaws?id=380865 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,92,50,300/- on account of disallowance of loss on foreign currency exchange, ruling that the losses were not speculative as per section 43(5). The Tribunal dismissed the revenue's appeal, emphasizing the genuine business nature of the transactions and the direct nexus between the forward contracts and the export business. The decision in favor of the assessee was pronounced on 13th May 2019. en-us Mon, 13 May 2019 00:00:00 +0530 Wed, 29 May 2019 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380865 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,92,50,300/- on account of disallowance of loss on foreign currency exchange, ruling that the losses were not speculative as per section 43(5). The Tribunal dismissed the revenue's appeal, emphasizing the genuine business nature of the transactions and the direct nexus between the forward contracts and the export business. The decision in favor of the assessee was pronounced on 13th May 2019. Case-Laws Income Tax Mon, 13 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380865