Provision against SABAH forward contract as the order was ...

Order Cancellation Affects Forward Contract Loss Deduction; Not Deductible in Current Year Under Review.

September 23, 2019

Case Laws Income Tax AT

Provision against SABAH forward contract as the order was cancelled beyond the year ending - Incurring of loss in a succeeding year is something quite different from marking transaction to market rate as at the close of the year. - Since the instant loss actually fell upon the assessee in the succeeding year, the same cannot be allowed as deduction in the year under consideration.

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Provision against SABAH forward contract as the order was ...

Order Cancellation Affects Forward Contract Loss Deduction; Not Deductible in Current Year Under Review.

September 23, 2019

Case Laws Income Tax AT

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