Foreign exchange loss while implementing export contract was not a speculative loss but a business loss

CIT Vs Quest Global Engineering Services Pvt. Ltd. (Karnataka High Court)

Conclusion: Loss sustained by assessee due to fluctuation in foreign exchange while implementing export contract was incidental to assessee’s course of business, therefore, such a loss was not a speculative loss but a business loss.

Held: Assessee had entered into forward contract with the bank to buy or sell foreign exchange at an agreed price at a specified future date in or

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