https://www.taxtmi.com/caselaws?id=391700 Forex hedging and forward cover premium claims require clear factual identification of the derivative instrument, contractual terms, banker details, and the basis on which the amount is characterised as premium or exchange loss. Where the record does not adequately establish these facts, the allowability of the expenditure and any possible speculative-trading treatment cannot be finally determined. The proper course is fresh factual examination and a reasoned speaking order after hearing the assessee; the prior deletion of the disallowance was therefore set aside and the matter restored for reconsideration. en-us Thu, 26 Dec 2019 00:00:00 +0530 Wed, 05 Feb 2020 14:45:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391700 Forex hedging and forward cover premium claims require clear factual identification of the derivative instrument, contractual terms, banker details, and the basis on which the amount is characterised as premium or exchange loss. Where the record does not adequately establish these facts, the allowability of the expenditure and any possible speculative-trading treatment cannot be finally determined. The proper course is fresh factual examination and a reasoned speaking order after hearing the assessee; the prior deletion of the disallowance was therefore set aside and the matter restored for reconsideration. Case-Laws Income Tax Thu, 26 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391700