DCIT, ALAPPUZHA vs. M/S ACEELERATED FREEZE DRYING CO, LTD, ALAPPUZHA

In the result, the appeal of the Revenue is allowed and the appeal of the

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 43A of the Act. If the transactions undertaken are on account of revenue items, the gain is clearly taxable and so the loss also is clearly allowable. The assessee except making bald assertion that the transactions were undertaken on account of capital items no evidence was brought on record to establish that the foreign currency transactions were undertaken