Case Law Details
Case Name : CIT vs. M/s D. Chetan & Co. (Bombay High Court)
Appeal Number : IT Appeal No-278/2014
Date of Judgement/Order : 01.10.2016
Related Assessment Year : 2009-10
Courts :
All High Courts Bombay High Court
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CA Saurabh Chokhra
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Brief of the case:
- The Hon’ble Bombay HC in the above-cited case held that mark to market loss in respect of forward contracts claimed as loss from Business income cannot be disallowed as the forward contracts were secured for to cover variation in the foreign exchange rate which would impact its business of import and export of diamonds.
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