2018 (7) TMI 1696 - SCH - Income Tax

Unexplained foreign exchange forward contract - Tribunal holding that the notional loss on unexplained foreign exchange forward contract was in the nature of stock in trade capable of being valued at cost or market price - Held that - Leaving the question of law open this special leave petition is dismissed on the ground of low tax effect.

Summary

The Supreme Court of India dismissed a special leave petition due to low tax effect. The delay was condoned, and pending applications were disposed of. No representation was made by the respondent.