Home › Income-Tax Act › CIT v. C.J Exports (2020) 121 taxmann.com 8 (Bom.)(HC) Editorial : SLP of revenue is dismissed as withdrawn due to low tax effect, CIT v. C.J Exports (2020) 275 Taxman 388 (SC)

CIT v. C.J Exports (2020) 121 taxmann.com 8 (Bom.)(HC) Editorial : SLP of revenue is dismissed as withdrawn due to low tax effect, CIT v. C.J Exports (2020) 275 Taxman 388 (SC)

S. 28(i) : Business loss-Foreign exchange forward contract loss-Allowable as business loss.

Dismissing the appeal of the revenue the High Court held that Tribunal was right in deleting the addition of Rs.1,06,90,750/- made by the assessing officer on account of disallowance of loss on foreign exchange forward contract loss  as business loss. Followed CIT v. D. Chetan & Co (2016) 243 Taxman 356 (Bom.)(HC) and CIT v. Chaitya [IT Appeal No. 128 of 2015, dated 7-7-2017 (AY. 2009-10).