Dismissing the appeal of the revenue the Court held that, loss on account of settlement of forward contracts is held to be allowable as deduction .( AY.2005-06)
CIT v. Jsw Steel Ltd (2020) 424 ITR 227/ 275 Taxman 587 (Karn)(HC), Editorial: Notice issued in SLP filed by the revenue , CIT v. JSW Steel Ltd ( 2021 ) 282 Taxman 300 (SC))/ .SLP dismissed , CIT v. JSW Steel Ltd ( 2022) 284 Taxman 277 (SC)
S. 43A : Rate of exchange – Foreign currency – Business loss- Rate of Exchange of foreign currency – loss on settlement of forward contract – Held to be allowable .