Held that the assessee had entered into derivative contracts in order to hedge its exchange risk in respect of export proceeds receivable by it in foreign exchange. Forward contracts were not entered into by the assessee by way of trading per se in foreign exchange derivatives. Consequently, the Central Board of Direct Taxes Circular No. 3 of 2010 dated March 23, 2010 had no application. Loss allowable as deduction. (AY.2012-13)