Assessee-company incurred loss in respect of foreign exchange derivative transaction. Assessing Officer disallowed claim of derivative loss by holding that forex derivative losses were speculative losses and not business losses.  Tribunal held that loss incurred on foreign exchange derivative could not be disallowed holding to be a speculative loss; that foreign exchange derivative loss in respect of capital items was certainly a capital expenditure and could not be allowed as loss whereas in respect of revenue items, it could be allowed as revenue loss. Tribunal directed the Assessing Officer to verify whether the loss was in respect of capital items or revenue items.  (AY. 2009-10)