https://www.taxtmi.com/caselaws?id=32093 The ruling determined that the applicant's forward transactions regarding stock qualified as hedging contracts under the Income-tax Act, 1961, in line with Circular No.23D. While the presence of a sales contract is typically required under the Act, the Circular relaxed this condition. Both forward purchase and sale transactions were considered valid hedging activities, not limited to identical goods in stock. The judgment was delivered on May 31, 2004. en-us Mon, 31 May 2004 00:00:00 +0530 Thu, 15 Jan 2009 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32093 The ruling determined that the applicant's forward transactions regarding stock qualified as hedging contracts under the Income-tax Act, 1961, in line with Circular No.23D. While the presence of a sales contract is typically required under the Act, the Circular relaxed this condition. Both forward purchase and sale transactions were considered valid hedging activities, not limited to identical goods in stock. The judgment was delivered on May 31, 2004. Case-Laws Income Tax Mon, 31 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32093