Assessee was engaged in business of trading of agricultural products, building construction and generation of power/energy.  It claimed deduction as regards certain general administrative expenses. Assessing Officer held that general administrative expenses included fluctuation in foreign currency and held that same was speculative in nature. CIT(A) held that  though assessee was not a dealer in foreign exchange it had entered into forward contracts with banks for purpose of hedging loss due to fluctuation of foreign exchange while implementing export contracts and such transaction was incidental to assessee’s regular course of business, hence, loss was not speculative one  hence hedging of currency was allowable as business expenditure. (AY. 2011-12, 2012-13)