D. Karunakara Rao, Accountant Member - This appeal filed by the assessee on 9.10.2012 is against the order of the CIT (A)-9, Mumbai dated 10.7.2012 for the assessment year 2009-2010.

2. In this appeal, assessee filed the grounds of appeal, which was subsequently revised vide letter dated 5.10.2012. The said revised grounds filed by the assessee read as under:

"1.A. The Ld CIT (A) erred in fact and law in confirming the disallowance of Forward Exchange Loss of Rs. 4,69,42,680/- claimed by the appellant in the course of business incurred due to fluctuation in foreign exchange for which the appellant had booked forward contracts with the bank against their export receivables treating the same as speculation transaction & not hedging transactions as claimed by the appellant.

B. The Ld CIT (A) further erred in fact and in law in not allowing this forward contract loss of Rs. 4,69,42,680/- to be set off against the Profit and Gains on account of exchange fluctuations on realization/revaluation of the said receivables, this being directly related to the same business transaction and which has been assessed to tax.

C. The CIT (A) erred in fact and in law in considering this losses as spec