Tribunal held that forward contracts were incidental to carrying on business of export of assessee and were done to cover up losses on account of difference in foreign exchange valuation, hedging loss. Allowable as business loss. (AY. 2013-14)
DCIT v. GBTL Ltd. (2021) 189 ITD 704 / 212 TTJ 526 / 203 DTR 353 (Mum.)(Trib.)
S. 28(i) : Business loss-Forward contract-Hedging loss-Foreign exchange loss-Allowable as business loss. [S. 37(1)]