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TAXATION NEWS

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Speculation : Cancellation of contract vs. Settlement of contract

VOLTAS INTERNATIONAL LTD. vs. ACIT

February 4, 2010 :

ITAT, MUMBAI

A.Y. 1996-97

Gist of decision :

Payment made by assessee to bank for cancellation of forward foreign exchange contract being in the nature of damages for non-performance of contract is allowable as business loss and it cannot be treated as a speculative loss as there is no settlement of contract and s. 43(5) is not attracted.

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