2017 (6) TMI 1086

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..... & Co." (2016 (10) TMI 629 - BOMBAY HIGH COURT). It is also pointed that the loss depicted to profit and loss account is on account of actual cancellation of forward contract during the year under consideration. No substantial question of law. - Income Tax Appeal No. 163 of 2015 - - - Dated:- 9-6-2017 - S. V. Gangapurwala And G. S. Kulkarni, JJ. A.R.Malhotra, for the Appellant Mr.Sanj .....

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..... 1 ITR 256) particularly when the transaction in forward contract needs to be guided by proviso (d) to sec 43(5) which came into effect from 01.04.2006, i.e. after the pronouncement of the aforesaid judgment ? (III) Whether on the facts and in the circumstance of the case and in law, the Tribunal was right in holding that the loss from cancellation of forward contract was a business loss wit .....

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