Income Tax - Case Law - Aug2010

If assessee entered into forward contract to sell foreign currency at agreed price at a future date beyond last date of FY,then loss (if any) to assessee on a/c of evaluation of contract on last date of FY,would b allowable u/s28(i) of Income Tax Act
DCIT Vs.Bank of Bahrain&Kuwait,Aug13,2010 [MUM-ITAT(SB)]