ITAT disallowed hedging loss as assessee failed to bring any record of contract entered into to guard price fluctuation

IT : Where there was no specific details brought in by assessee which could show that assessee had entered into a contract for hedging of forward trading of its goods to guard against loss through price fluctuation which might arise from contracts for delivery of goods, hedging loss arising from alleged contracts did not fall under proviso (a) of section 43(5); therefore, alleged hedging loss claimed by assessee was to be disallowed

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