https://www.taxtmi.com/highlights?id=76643 Speculative loss or not - Determine the nature of losses on forward foreign exchange contracts and foreign exchange derivative contracts - the tribunal found the evidence provided by the appellant to be insufficient in establishing the nature of the losses. It highlighted discrepancies in the claimed amounts and noted a lack of clarity regarding the cancellation of contracts. Consequently, the tribunal set aside the CIT(A)'s decision and remanded the issue for further examination. It emphasized the importance of establishing a direct connection between the transactions and the appellant's business activities. en-us Tue, 16 Apr 2024 08:24:12 +0530 Tue, 16 Apr 2024 08:24:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76643 Speculative loss or not - Determine the nature of losses on forward foreign exchange contracts and foreign exchange derivative contracts - the tribunal found the evidence provided by the appellant to be insufficient in establishing the nature of the losses. It highlighted discrepancies in the claimed amounts and noted a lack of clarity regarding the cancellation of contracts. Consequently, the tribunal set aside the CIT(A)'s decision and remanded the issue for further examination. It emphasized the importance of establishing a direct connection between the transactions and the appellant's business activities. Highlights Income Tax Tue, 16 Apr 2024 08:24:12 +0530 https://www.taxtmi.com/highlights?id=76643