TAX UPDATES: Loss on Forward Contracts for hedging foreign exchange fluctuations is not speculative. Followed CIT Vs. Soorajmull Nagarmull (1981) 5 Taxman 289 (Cal), CIT Vs, Badridas Gauridu (P) Ltd., (2004) 134 Taxman 376 (Bom), CIT Vs. Friends and Friends Shipping Pvt.Ltd., Tax Appeal No.251 of 2010 dated 23.8.2011 and CIT Vs. Panchmahal Steel Ltd. Tax Appeal No.131 of 2013 dated 28.3.2013 by the Hon’ble Gujarat High Court-M/s. LGW Limited ITA No.267/Kol/2013 Date of Pronouncement : 07.10.2015.

Friday 9 October 2015

Loss on Forward Contracts for hedging foreign exchange fluctuations is not speculative. Followed CIT Vs. Soorajmull Nagarmull (1981) 5 Taxman 289 (Cal), CIT Vs, Badridas Gauridu (P) Ltd., (2004) 134 Taxman 376 (Bom), CIT Vs. Friends and Friends Shipping Pvt.Ltd., Tax Appeal No.251 of 2010 dated 23.8.2011 and CIT Vs. Panchmahal Steel Ltd. Tax Appeal No.131 of 2013 dated 28.3.2013 by the Hon’ble Gujarat High Court-M/s. LGW Limited ITA No.267/Kol/2013 Date of Pronouncement : 07.10.2015.

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