ITT Shipping P. Ltd. v. CIT (2018) 65 ITR 45 (SN) (Kol) (Trib)

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Loss in forward contract — Revision treating loss as speculative loss is not valid [ S.43(5) ]

Allowing the appeal of the assessee the Tribunal held that ,assessee  is not dealer in foreign exchange and as part of its normal business activity. Assessing Officer considering explanation given and case law cited by assessee accepting as business loss .Loss  being normal business loss and not speculative loss , revision treating loss as speculative loss  is not valid.   ( AY.2012-13)