Loss from Forex Derivative trading upto export turnover is business loss & not speculative loss

Brief of the case: In the case of M/s. Majestic Exports vs. JCIT, ITAT Chennai held that the loss in the transactions of the forex derivatives contracts will be considered to be the business loss and the same can be set off against the business income. Facts of the case: The assessee company is engaged in the business of manufacturing and exporting of hosiery garments and to save the loss from the fluctuations in the dollar movement ,it entered into forex derivative contract in which the assessee incurred a loss of Rs 4,30,44,915/- which the asseesee set off the against the above business inco...