entered into hedging forward contract transactions and settled
17
ITA No.1224/Del/2017
all the forward contract by way of export receivables, therefore ... forward contracts with banks. The
assessee entered into a contract with the bank to sale US dollar at a
predetermined rate on future date
futures and options to the tune of Rs. 15,71,714/-,
and the calculation of the same are as under:-
S Scrip Contract No. Date ... have observed that the assessee has entered into
futures and options transactions in the shares whereby contracts have been
taken w.r.t. Gujarat Ambuja
interpretation put to the
arbitration clause in the contract.
47. Section 28 of the Contract Act contains provision
regarding agreements in the restraint of legal ... Section 28 of the Contract Act does not
render illegal a contract by which the parties agree that
any future dispute shall be referred
goods which are in a deliverable state; and
(ii) the contract is an unconditional contract. If these
two conditions are satisfied, Section 20 becomes
applicable ... contract of sale between one part-owner and another.
(2) A contract of sale may be absolute or conditional.
(3) Where under a contract
with regard to continuance of the scheme for
future beneficiaries in respect of both regular and contract
employees dependants, it was agreed to seek clarification ... from
the Government to continue the scheme for future
beneficiaries in respect of both regular and contract
employees defendants.
In the above case the husband
unable to accept any more RBH cargos. All
future pending shipments of our existing contract may please be kept on
'Hold' till further
merchanting business to
guard against loss through future price fluctuations in respect of his
contracts for actual delivery of goods manufactured by him or
merchandise ... merchanting business to
guard against loss through future price fluctuations in respect of his
contracts for actual delivery of goods manufactured by him or
merchandise
contracts has been treated as business profits. The AO conveniently ignored
the gain on forward contracts and has disallowed loss incurred on forward
contracts ... merchanting business to guard against
loss through future price fluctuations in respect of his contracts for actual
delivery of goods manufactured
never a breach of
contract but is a part of contract under clause 7 and 8 of this contract and either
Assessee or the seller ... material decreases or increases in future. Therefore, the loss or gain to either parties of
this highly speculative contract on account of non delivery
forward contract to be cancelled. Consequentially, the
company is required to settle the liability arising as per the terms of
forward contract, based ... liability may
arise in future. The assessee did not produce any acceptable evidence to
show that this forward contract in foreign exchange only to ward
