Speculative loss or not - Determine the nature of losses on ...

Tribunal Overturns Decision on Foreign Exchange Contracts, Cites Insufficient Evidence and Remands for Further Review.

April 16, 2024

Case Laws Income Tax AT

Speculative loss or not - Determine the nature of losses on forward foreign exchange contracts and foreign exchange derivative contracts - the tribunal found the evidence provided by the appellant to be insufficient in establishing the nature of the losses. It highlighted discrepancies in the claimed amounts and noted a lack of clarity regarding the cancellation of contracts. Consequently, the tribunal set aside the CIT(A)'s decision and remanded the issue for further examination. It emphasized the importance of establishing a direct connection between the transactions and the appellant's business activities.

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Speculative loss or not - Determine the nature of losses on ...

Tribunal Overturns Decision on Foreign Exchange Contracts, Cites Insufficient Evidence and Remands for Further Review.

April 16, 2024

Case Laws Income Tax AT

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