Tribunal held that the CIT (A) held  that the assessee had entered into a forward contract to safeguard against the foreign exchange fluctuation on its revenue receipts from foreign parties. These transactions were in the nature of hedging transactions and they fall under the exempted category of speculative transactions u/s 43(5)(a). The CIT(A) also held that the quantum of hedging was reasonable having regard to the export turnover and that it was actual loss which the assessee had incurred on account of cancellation of forward contracts entered with banks to safeguard realization of export proceeds.  Order of Tribunal is affirmed  (AY.  2012-13)