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2020 (10) TMI 100 - HC - Income TaxLoss incurred on foreign exchange derivative - Addition as speculative loss - HELD THAT:- As decided in M/s.Celebrity Fashion Ltd. [2020 (9) TMI 1022 - MADRAS HIGH COURT] loss incurred on account of cancellation of forward contracts was not speculative losses falling within the provisions of Section 43(5). Tribunal was right in its finding that the loss incurred on foreign exchange derivative cannot be disallowed holding it to be a speculative loss. In any event, the Tribunal remanded the matter to the AO for a limited purpose, which has been clearly indicated in paragraph 7 of the impugned order. For the foregoing reasons, we find no ground to interfere with the impugned order passed by the Tribunal. - Decided against revenue.
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