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2004 (5) TMI 62 - AAR - Income TaxApplicant a company incorporated in Switzerland proposes to open a branch office in India for dealing in "green coffee" - applicant have to stock huge inventory of green coffee for most part of the year – in view of Board's Circular No. 23D of September 12, 1960, held that forward transactions in respect of stock in which the applicant deals will be in the nature of hedging contracts – further, hedging contracts need not be of the identical quality/quantity of the goods held in stock.
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