9911796707
TMI Blog2016 (3) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act, 1961 ('the Act') is directed against the order dated 26.11.2013 passed by the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur ('the Tribunal'), whereby the appeal filed by the appellant against the order dated 19.3.2013 passed by the Commissioner of Income Tax (Appeals), Jodhpur ('the CIT(A)') has been dismissed. The Assessing Officer ('A.O.') b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action. Such transaction are entered into by manufacturer and merchants in the course of the business to source against loss through future price fluctuation. In cases where there is actually delivery or transfer of the commodity or goods takes place, the transaction would not amount to speculative transaction. In the sec. 43(5) where exceptions are given, the transaction i.e. hedging contract ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Tribunal, after hearing the parties, came to the following conclusion and dismissed the appeal : "4. We have heard the rival submissions and have carefully perused the entire material on record. We find that the assessee has debited on amount of Rs. 74,22,009/- as FCP account and explained that this amount is claimed as loss on forward booking of US dollars against export receivable. It wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of the assessee. The ld. 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. We find no fault with the finding of the ld. CIT(A) and cannot allow the appeal of the revenue. Accordingly, we dismiss the grounds, raised by the revenue." Learned counsel for the appellant submitted that the CIT(A) and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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