Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]

By Aparna. M - On September 5, 2023 11:25 am - 2 mins read

Loss on Forward Exchange Contracts - export business - business loss - speculative loss - Income Tax Act - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Chennai bench held that loss on forward exchange contracts of the export business are business losses not speculative losses under Section 43(5) of the Income Tax Act, 1961. Assessee, GImpex House, is a resident corporate who is engaged in the manufacturing/export of mineral ores. It was discovered during assessment…

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