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| The Tax Publishers2019 TaxPub(DT) 8311 (SC) INCOME TAX ACT, 1961,
Section 261 Section 28(i)
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. M/s. Polar Star [ITA No. 1814 of 2016, dt. 27-2-2019] : 2019 TaxPub(DT) 3366 (Bom-HC), whereby it was held that forward contract in foreign exchange when incidental to carrying on of export and import business of assessee and was entered into to cover up losses, if any, on account of differences in foreign currency valuations, would not be a speculative activity and it would be a business activity, the Supreme Court dismissed the SLP and pending applications therein as withdrawn, however, leaving question of law open.
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Appeal (Supreme Court) - Special leave petition - Business loss - Forward contract in foreign currency -- Allowability of Mark-to-Market loss
Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. M/s. Polar Star [ITA No. 1814 of 2016, dt. 27-2-2019] : 2019 TaxPub(DT) 3366 (Bom-HC), whereby it was held that forward contract in foreign exchange when incidental to carrying on of export and import business of assessee and was entered into to cover up losses, if any, on account of differences in foreign currency valuations, would not be a speculative activity and it would be a business activity. Held: Counsel for the petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F.No. 390/Misc./116/2017-JC, dated 22-8-2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The special leave petition and pending applications were dismissed as withdrawn, leaving question of law open.
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