https://www.taxtmi.com/caselaws?id=750625 The Tribunal allowed the appellant's appeal, ruling that the marked to market loss incurred on hedging future contracts should be treated as a normal business loss, not a speculative loss. The Tribunal found the appellant's hedging activities aligned with standard business practices and referred to precedents supporting such losses as business deductions under section 37(1) of the Income Tax Act. Consequently, the disallowance by the Assessing Officer and CIT(A) was overturned. en-us Fri, 22 Mar 2024 00:00:00 +0530 Tue, 26 Mar 2024 07:52:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750625 The Tribunal allowed the appellant's appeal, ruling that the marked to market loss incurred on hedging future contracts should be treated as a normal business loss, not a speculative loss. The Tribunal found the appellant's hedging activities aligned with standard business practices and referred to precedents supporting such losses as business deductions under section 37(1) of the Income Tax Act. Consequently, the disallowance by the Assessing Officer and CIT(A) was overturned. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750625