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2018 (1) TMI 1555 - AT - Income TaxTPA - Loss on cancellation/roll over of Forward Foreign Exchange Contract (FFEC) - HELD THAT:- We find that the FAA had rejected the additional evidences produced by the assessee before him, that the assessee had submitted the Bloomberg data for five years, that the TPO in the AY.2009-10 accepted the five years data of Bloomberg and made no adjustment. In these circumstances, we are of the opinion that matter should be restored back to the file of TPO/AO for fresh adjudication to consider additional evidences filed by assessee before the FAA. He is directed to afford a reasonable opportunity to the assessee. Effective Ground of the appeal raised by the assessee is allowed in part. Income arising from forward exchange contract is assessable as capital gain - See CITIBANK OVERSEAS INVESTMENT CORPN., MUMBAI [2013 (1) TMI 997 - ITAT MUMBAI]
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