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Income Tax - Highlights / Catch Notes

Home Highlights May 2013 Year 2013 This

Forward contract cancellation loss - whether be treated as ...


High Court Rules Forward Contract Cancellation Losses as Business Losses, Not Speculation Transactions.

May 20, 2013

Case Laws     Income Tax     HC

Forward contract cancellation loss - whether be treated as business loss - held yes since it is not a speculation transaction - HC

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  2. Allowing mark to market loss on account of outstanding forward contract liability - the forward contract transactions so entered during the course of regular business...

  3. The loss arising on account of cancellation of forward contract would also be a business loss and therefore the assessee is entitled to claim the said loss in his books...

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  11. Forward contract cancellation loss - In order to hedge against losses, the assessee had booked foreign exchange in the forward market with the bank. - allowed as business loss - HC

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