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2018 (5) TMI 1276 - HC - Income TaxLoss in connection with the hedging contract - business loss or speculative loss - Held that:- Similar issue was considered by this Court in case of this very assessee for earlier years [2018 (5) TMI 1240 - GUJARAT HIGH COURT] as held admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing the export contracts, the assessee had entered into forward contract with the banks. In some cases, the export could not be executed and the assessee had to pay certain charges to the Bank and thereby incurred certain expenses. These expenses the assessee claimed by way of expenditure towards business. We do not find that the transaction can be stated to be in speculation as to cover under subsection (5) of section 43 of the Act. - Decided against revenue
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