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Forward contract loss from hedging for foreign exchange fluctuation is allowable deduction

Case Law Details

Case Name : ACIT Vs M/s Venus Jewel (ITAT Mumbai)
Related Assessment Year : 2009-10 & 2010-11
Courts : All ITAT ITAT Mumbai
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CA Suraj R. Agrawal

Brief of the case:
ITAT Mumbai has held in the case of ACIT vs. M/s Venus Jewel  that Loss on account of forward contract entered into by the assessee to hedge against the loss arising on account of fluctuations in foreign exchange is an allowable deduction.Please become a Premium member. If you are already a Premium member, login here to access the full content.

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Author Bio

Name: Suraj R. Agrawal
Qualification: CA in Practice
Company: TransPrice Tax Advisors LLP
Location: Pune, Maharashtra, India
Member Since: 11 Feb 2019 | Total Posts: 61
With over 15 years of practical experience as a Chartered Accountant, including positions at Big 4 firms, Suraj R. Agrawal has honed expertise in a wide array of tax-related areas. He specializes in global transfer pricing, cross-border transaction structuring, international taxation, tax structurin View Full Profile

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