Vardhman Stampings P. Ltd. Vs PCIT-4 (ITAT Ahmedabad)ITAT Ahmedabad held that loss on foreign currency derivative transactions and loss on account of exchange rate difference are not speculative in nature and hence the same is allowable as business expense. (i) being loss on foreign currency derivative transaction of Rs.82.91 lakhs, and(ii) being loss on account of exchange rate difference of Rs.53.49 lakhs in respect of outstanding payment of raw-material from some parties/ creditors. :Details of foreign exchange currency loss incurred in case of Novex Trading (Swiss) SA-The learned AO has noticed that the assessee company has incurred loss on account of foreign currency exchange amounting to Rs.2,48,57,249. The foreign currency assets and liabilities including forward contracts are restated at the prevailing exchange rates at the year end. All the Foreign Currency derivative transaction carried out by a broker of MCX Stock Exchange Ltd. electronically and it is supported by time stamped contract note issued by such broker.