https://www.taxtmi.com/caselaws?id=760260 ITAT Delhi dismissed assessee's appeal regarding delayed PF/ESI contributions, following SC precedent in Checkmate Services case. However, tribunal ruled favorably on mark-to-market losses on forex forward contracts, holding these were legitimate hedging transactions under section 43(5) proviso, not speculative losses, citing Delhi HC decision in Simon India Ltd. For cash deposits during demonetization, addition under section 68 was deleted as assessee provided adequate source documentation and confirmations that AO failed to verify. Deduction claim under section 35(2AB) was remitted back to AO for verification after late receipt of DSIR approval. en-us Wed, 09 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760260 ITAT Delhi dismissed assessee's appeal regarding delayed PF/ESI contributions, following SC precedent in Checkmate Services case. However, tribunal ruled favorably on mark-to-market losses on forex forward contracts, holding these were legitimate hedging transactions under section 43(5) proviso, not speculative losses, citing Delhi HC decision in Simon India Ltd. For cash deposits during demonetization, addition under section 68 was deleted as assessee provided adequate source documentation and confirmations that AO failed to verify. Deduction claim under section 35(2AB) was remitted back to AO for verification after late receipt of DSIR approval. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760260