Case Law Details
Case Name : DCIT Vs. Bank of Bahrain & Kuwait (ITAT Mumbai)
Appeal Number : ITA No. 4404 & 1883/Mum/2004
Date of Judgement/Order : 13/08/2010
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
IN THE CASE OF: DCIT Vs. Bank of Bahrain & Kuwait, APPEAL NO: ITA No. 4404 & 1883/Mum/2004, DECIDED ON August 13, 2010
Brief:- Where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period i.e. before the date of maturity of the forward contract.
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