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Case Law Details

Case Name : Oswal Woollen Mills Ltd. Vs Addl. CIT (ITAT Chandigarh)
Appeal Number : ITA No. 153/Chd/2015
Date of Judgement/Order : 22/07/2022
Related Assessment Year : 2011-12
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Oswal Woollen Mills Ltd. Vs Addl. CIT (ITAT Chandigarh)

Held that the assessee entered into forex derivative transaction with the ICICI Bank to hedge the foreign currency risk involved in the transaction. Thus, expenses claimed were revenue in nature as the derivative transaction entered into by the assesse was not in the nature of speculative transaction.

Facts-

The grievance of the assessee relates to the sustenance of addition of Rs. 13,32,96,175/- made by the AO on account of foreign exchange hedging loss incurred during the course of regular business by treating the same as speculative transaction.

Conclusion-

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