The assessee had entered into hedging transactions through banks and the amounts for which the hedging transactions were entered into were within the amount of the underlying transactions of imports and exports. There was no independent transaction of foreign exchange on standalone basis. Thus, the loss could not be in any manner equated with hedging of foreign currency alone, and ceased to fall within the realm of speculation and was inextricably linked with the business of the assessee. Followed  Dy.  CIT v. Mahendra Brothers Exports P. Ltd. (I. T. A. Nos. 7319 and 7449/Mum/2011, dated July 25, 2016) (AY. 2009-10 to 2012-13)