Case Law Details
Case Name : DCIT Vs J. K. Techno soft Ltd (ITAT Delhi)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Delhi
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DCIT Vs J. K. Techno soft Ltd (ITAT Delhi)
Conclusion: Forward mark contracts on foreign currency was incurred during the normal course of business and the losses incurred were the part and parcel of the business activity of assessee, which were allowable as business expenditure and not speculative in nature, thus any expenditure incurred for such premium account computed as difference between the forward rate and the spot rate in such contract was also to be treated as business expenditure incurred in the course of business by the assessee.
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