Shriram Transport Finance Co. Ltd. v. ITO (OSD) (2024)460 ITR 66 (Mad)(HC)

S.28(i): Business loss-Derivative contracts-Foreign Exchange fluctuations-Allowable as business loss.[S. 37(1)]

Held that   the appellate authorities rendered concurrent findings in favour of the assessees, to the effect that the derivative contracts, foreign exchange transactions against fluctuations in interest rates were hedging transactions and the loss arising out of them was allowable as business loss. This was justified..(AY.2003-04 to 2014-15)