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2024 (3) TMI 1122

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....JUDICIAL MEMBER: The present appeal has been preferred by the assessee against the order dated 19.10.2023 of the National Faceless Appeal Centre [hereinafter referred to as 'CIT(A)'] passed u/s 250 of the Income Tax Act (hereinafter referred to as the 'Act'). 2. The sole issue raised in this appeal is as to marked to market loss incurred by the assessee on hedging of the transaction is to be tre....

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....d on. 4. The ld. CIT(A) confirmed the findings of the Assessing Officer. 5. The ld. counsel for the assessee has submitted that entering into future contracts of gold is very much a part of appellant's business as the same is in the normal course of business of purchase and sale of bullion and to safeguard itself from loss the appellant hedges in the same gold the result of which might be po....

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....ee was not a dealer in foreign exchange. The assessee was a cotton exporter. The assessee was an export house. Therefore, foreign exchange contracts were booked only as incidental to the assessee's regular course of business. The Tribunal has recorded a categorical finding to this effect in its order. The Assessing Officer has not considered these facts. Under section 43(5) of the Income-tax A....