Dismissing the appeal of the revenue the Court held that, Forward foreign exchange\u00a0 is not contingent in nature\u00a0 it is binding obligation on date of contract against the assessee. Accordingly the deletion of addition by the Tribunal is affirmed. Court also held that question which was not raised before the Tribunal cannot be raised first time before Court during the Course of oral arguments. \u00a0(Arising from\u00a0 ITA No. 617 \/Mum\/2014 dt. 28-07-2016) (ITA No. 1097of 2017 dt. 5-11-2019) (AY. 2009 -10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115JB : Book profit-Forward foreign exchange -Not contingent in nature\u2013Binding obligation on date of contract against the assessee-Deletion of addition by the Tribunal is affirmed\u2013 Question which was not raised before the Tribunal cannot be raised first time before Court during the Course of oral arguments. [S. 37 (1), 260A] <\/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":[1],"tags":[],"class_list":["post-9906","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2zM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9906","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=9906"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9906\/revisions"}],"predecessor-version":[{"id":9907,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9906\/revisions\/9907"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}