Assistant Commissioner Of Income Tax, ... vs Coastal Energy Private Limited (Under ... on 25 October, 2024
3.1 The ld. CIT(A) has failed to appreciate that in the
instant case the loss has occurred only due to premature
cancellation of forward contracts and as such as held by
:-3-: ITA. Nos:1363 to 1366 /Chny/2023
the Hon'ble ITAT Chennai in the cases of DCIT vs. Aswini
Fisheries P.Ltd, ITA No.2246/Mds/2014 dated 18.12.2015
and Cotton Blossom India P Ltd vs JCIT (2016) 68
taxmann.com 38, such loss cannot be considered as
business loss.