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2016 (3) TMI 682 - HC - Income TaxForward booking of foreign exchange - whether was a speculative transaction which cannot be allowed for set off against normal business income? - CIT(A) has allowed set off by holding that a hedging loss is to be treated as business loss and is allowable to set off against business and profit also confirmed by ITAT - Held that:- CIT(A) has recorded a finding of fact that the assessee had made contract with the Bank to cover up the risk of fluctuation in the dollar rate and there was actual delivery in the appellant's case and based on the material and submissions, it did not agree with the assessing officer's finding. The above finding of fact has been further upheld by the Tribunal as noticed hereinbefore. - Decided against revenue
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