2024 (1) TMI 225 - SCH - Income Tax

Disallowance of Notional Forex Loss - Validity of CBDT Circular No.3/2010 dated 23rd March, 2010 - HC held 2022 (9) TMI 659 - DELHI HIGH COURT assessee had entered into derivative contracts in order to hedge its exchange risk in respect of export proceeds receivable by it in foreign exchange. Forward contracts entered into by the assessee were not by way of trading per se in foreign exchange derivatives. Consequently, CBDT Circular No.3/2010 dated 23rd March, 2010 has no application to the facts of the present case - HELD THAT - Delay condoned. No case for interference is made out in exercise of our jurisdiction under Article 136 of the Constitution of India. The Special Leave Petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition under Article 136 of the Constitution of India as no case for interference was found. Pending applications were also disposed of.