Held that the currency settlement took time after lodgement to be realised resulting in fluctuation loss. Losses arising from such foreign exchange contracts are business losses not speculative. Allowable as business loss. (AY. 2010-11)
Cadila Pharmaceuticals Ltd. v. ACIT (2024) 115 ITR 51 ((SN)/ 162 taxmann.com 229 (Ahd)(Trib)
S. 37(1) : Business expenditure-Foreign exchange fluctuation losses-Hedging-Foreign exchange risks in respect of exports and imports-Loss is not speculative-Allowable as business loss.[S.28(i)]