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2017 (1) TMI 1424 - AT - Income TaxNotional loss - mark to mark loss arising on valuation of forward exchange contract on closing date of accounting year - Held that:- The forward contract in foreign exchange, incidental to carrying on a business of exports and done to cover up the losses on account of differences in foreign exchange valuation would not be speculative activity but a business activity. The stand taken by the Ld. Commissioner of Income Tax (Appeal) is, therefore, affirmed, resulting into dismissal of appeal of the Revenue.
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