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Assessee has raised the ground that on the facts and in the circumstances of thecase, Ld. CIT(A) is wrong and unjustified in conforming A.O's order where loss on forward booking of foreign exchange of Rs. 1,45,374/- was disallowed as regular business loss u/s 28.

Shanti Prime Publication Pvt. Ltd.

Sec. 28, 37 & 43 of Income Tax Act, 1961—Business Loss— Where assessee enters into forward contracts in foreign exchange in order to cover the loss arising due to difference in foreign exchange rate and/or valuation, is not of speculative in nature and was incidental to the assessee's regular course of business as such it was allowable as a trade loss, thus, the disallowance on the ground of speculative transaction requires to be deleted. - ARVIND METALS AND MINERALS PVT. LTD. V/s ASSTT. CIT - [2020] 81 ITR (TRIB) 648 (ITAT-KOLKATA)