https://www.taxtmi.com/caselaws?id=285477 The ITAT Mumbai ruled in favor of the assessee, holding that gains from forward foreign exchange contracts are to be treated as capital gains and not as income from other sources. The ITAT directed the AO to allow the set off of brought forward capital loss against the gains from such contracts, providing relief to the assessee. The department's appeal on the treatment of gain on cancellation of forward foreign exchange contracts as capital gain was dismissed. en-us Fri, 24 Mar 2017 00:00:00 +0530 Tue, 14 Jan 2020 20:31:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285477 The ITAT Mumbai ruled in favor of the assessee, holding that gains from forward foreign exchange contracts are to be treated as capital gains and not as income from other sources. The ITAT directed the AO to allow the set off of brought forward capital loss against the gains from such contracts, providing relief to the assessee. The department's appeal on the treatment of gain on cancellation of forward foreign exchange contracts as capital gain was dismissed. Case-Laws Income Tax Fri, 24 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285477