Loss on Forward Exchange Contracts of export business are business loss, not speculative lossĀ  u/s 43(5) of Income Tax Act: ITAT [Read Order]

By Aparna. M - On September 5, 2023 11:25 am - 2 mins read
Loss on Forward Exchange Contracts - export business - business loss - speculative loss - Income Tax Act - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Chennai bench held that loss on forward exchange contracts of the export business are business losses not speculative losses under Section 43(5) of the Income Tax Act, 1961. Assessee, GImpex House, is a resident corporate who  is engaged in the manufacturing/export of mineral ores. It was discovered during assessment…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
Ā  ā‚¹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader