2019 (1) TMI 1710 - HC - Income Tax

Loss on Forward Contracts in foreign exchange - assessee does not deal in foreign exchange and is a diamond merchant - HELD THAT - It is an agreed position between the parties that the issue raised herein stands concluded against the appellant Revenue and in favour of the respondent assessee by the decision of this Court in the case of CIT Vs. D. Chetan Co. 2016 (10) TMI 629 - BOMBAY HIGH COURT . In the above view the question as proposed does not give rise to any substantial question of law. Thus not entertained.

Summary

The Bombay High Court dismissed an appeal challenging an order related to Assessment Year 2008-09 under the Income Tax Act. The appeal questioned the allowance of loss on Forward Contracts in foreign exchange for a diamond merchant. The Court upheld the decision in favor of the respondent assessee based on a previous case law, and the appeal was dismissed.