{"id":13055,"date":"2020-10-18T09:48:27","date_gmt":"2020-10-18T09:48:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/arvind-metals-and-minerals-p-ltd-v-acit-2020-81-itr-648-kol-trib\/"},"modified":"2020-10-18T09:48:27","modified_gmt":"2020-10-18T09:48:27","slug":"arvind-metals-and-minerals-p-ltd-v-acit-2020-81-itr-648-kol-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/arvind-metals-and-minerals-p-ltd-v-acit-2020-81-itr-648-kol-trib\/","title":{"rendered":"Arvind Metals and Minerals P. Ltd. v ACIT (2020) 81 ITR 648 (Kol) (Trib)"},"content":{"rendered":"<p>Tribunal held that the provision of S. \u00a043(5)(a)\u00a0of the Act stated that forward contract was not a speculative transaction and the loss could not be regarded as speculation. The Act clearly excluded hedging foreign currency transactions from the definition of speculative transaction. Hence, the disallowance of Rs. 1.45 lakhs on the ground of speculative transaction required to be deleted.<\/p>\n<p>\u00a0(Relied on\u00a0 CIT v. Soorajmull Nagarmull ( 1981) 129 ITR 169 ( Cal ) (HC) \u00a0( AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.28(i):Business loss -Speculative  business &#8211; Loss on  forward booking of  foreign exchange \u2014 Transaction not speculative in nature -Allowable as  business loss [ S.43(5)(a) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13055","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3oz","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13055"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13055\/revisions"}],"predecessor-version":[{"id":13056,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13055\/revisions\/13056"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}