Foreign exchange forward contract Gain/Loss to Assessee engaged in exports business : Speculative or Business?

Foreign exchange forward contract Gain/Loss to Assessee engaged in exports business : Speculative or Business?

Justification for Premature Foreign exchange forward contract if assessee takes the same as business transaction.

Briefly stated relevant facts of the case are that the assessee is engaged in the business of trading and manufacturing of rough and polished diamonds and filed the return of income declaring the total income of Rs. 35,29,042/-.

Assessment was completed u/s 143(3) of the act determ

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