Currency Swap Deals Not Speculative Under Sec 43(5); Hedging Costs, ECB Interest Deductible Per Sec 36(1)(iii.

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....Premium paid in respect of hedging contracts - interest cost on ECBs - speculative transaction - the transactions relating to currency swap contracts entered by the assessee with BTMU cannot be considered to be in the nature of speculative transaction covered under Section 43(5) of the Act. In that view of the matter, the deduction claimed by the assessee is allowable under Section 36(1)(iii) of the Act. - AT....