https://www.taxtmi.com/caselaws?id=427714 The HC upheld the ITAT's decision to delete the notional forex loss disallowed by the Assessing Officer, referencing Supreme Court precedents, including CIT Vs. Woodward Governor India Ltd. The HC found that the conditions for deductibility of forex losses were met and clarified that the CBDT Circular of 2010 did not apply to the appellant's hedging contracts. Concluding that no substantial question of law arose, the HC dismissed the appeal, affirming the ITAT's interpretation and application of relevant legal principles. en-us Mon, 12 Sep 2022 00:00:00 +0530 Fri, 29 May 2026 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427714 The HC upheld the ITAT's decision to delete the notional forex loss disallowed by the Assessing Officer, referencing Supreme Court precedents, including CIT Vs. Woodward Governor India Ltd. The HC found that the conditions for deductibility of forex losses were met and clarified that the CBDT Circular of 2010 did not apply to the appellant's hedging contracts. Concluding that no substantial question of law arose, the HC dismissed the appeal, affirming the ITAT's interpretation and application of relevant legal principles. Case-Laws Income Tax Mon, 12 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427714