Tribunal held losses on revaluation of unmatured foreign exchange forward contracts were not notional losses and were allowable as business expenditure under section 37(1) . Further, forward contracts in foreign exchange when incidental to the carrying on of the business of export were intended to cover losses on account difference in foreign exchange valuation and would not be speculative activity but a business activity. Therefore, the Assessing Officer was directed to delete the disallowance. Followed CIT v. D. Chetan and Co (2017)  390 ITR 36 (Bom)(HC). ( AY.2009-10)