Special Bench of ITAT on taxability of loss in case of forward foreign exchange contracts

Citation : 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

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