Case Law Details
Case Name : M/s. Veer Gems Vs. Asstt. Commissioner of Income-tax (ITAT Ahmedabad)
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Ahmedabad
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It is not in dispute that the assessee is doing business of import and export of diamonds and it entered into forward exchange contract in respect of import and export transactions. On cancellation of the contract assessee is either entitled to profit or loss depending on rates contracted and rates prevailing at the time of cancellation. The assessee entered into these forward exchange contracts in order to protect against the fluctuation in the rate of foreign exchange currency. The assessee in this case made net gains in respect of foreign exc
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