https://www.taxtmi.com/caselaws?id=289398 The Tribunal partly allowed both the Revenue's and the assessee's appeals, remanding the issues for fresh consideration. The Tribunal directed the Assessing Officer to compute the exchange loss on forward contracts in accordance with legal principles, allowing losses from derivative transactions to be set off against profits. Additionally, the Tribunal emphasized the need to differentiate between business and speculative transactions when treating forex fluctuation losses. The order passed under section 144 of the Act was found to be not tenable, requiring a remand for further assessment. en-us Fri, 27 May 2016 00:00:00 +0530 Wed, 29 Jul 2020 11:55:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289398 The Tribunal partly allowed both the Revenue's and the assessee's appeals, remanding the issues for fresh consideration. The Tribunal directed the Assessing Officer to compute the exchange loss on forward contracts in accordance with legal principles, allowing losses from derivative transactions to be set off against profits. Additionally, the Tribunal emphasized the need to differentiate between business and speculative transactions when treating forex fluctuation losses. The order passed under section 144 of the Act was found to be not tenable, requiring a remand for further assessment. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289398