Profits derived from hedging contracts of purchase of raw materials are eligible for sec. 80-IB deduction

IT: Where assessee, engaged in business of production of L-Menthol, which was eligible for deduction under section 80-IB, entered into forward contracts to hedge itself against huge price fluctuations in prices of raw material, since assessee entered into such contracts only for purpose of making its business more profitable, said activity was to be regarded as a part of assessee's manufacturing activity and, thus its claim for deduction under section 80-IB in respect of profits derived from hed

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