https://www.taxtmi.com/caselaws?id=408998 The Tribunal dismissed the Revenue's appeal and upheld the decision of the CIT(A) to treat gains from the cancellation of a forward contract as capital receipts. The Tribunal emphasized the purpose of the forward contract in acquiring capital assets, following a previous High Court decision. The Tribunal found no justification to deviate from the CIT(A)'s order, affirming that the gains were on capital account. en-us Fri, 18 Jun 2021 00:00:00 +0530 Sat, 26 Jun 2021 07:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408998 The Tribunal dismissed the Revenue's appeal and upheld the decision of the CIT(A) to treat gains from the cancellation of a forward contract as capital receipts. The Tribunal emphasized the purpose of the forward contract in acquiring capital assets, following a previous High Court decision. The Tribunal found no justification to deviate from the CIT(A)'s order, affirming that the gains were on capital account. Case-Laws Income Tax Fri, 18 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408998