Loss on premature cancellation of forward contract is business loss

M/s. Blue Star Diamonds Pvt. Ltd. Vs Addl. CIT (ITAT Mumbai)

Conclusion – Assessee sufficiently proved that the loss incurred on premature cancellation of forward contract was a ‘business loss’ inasmuch as the same was incurred in the course of carrying on of the business

Facts –

Disallowance u/s 14A –

AO disallowed INR 6,88,272 Please become a Premium member. If you are already a Premium member, login here to access the full content.