Home Highlights September 2016 Year 2016 This

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1. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

2. Loss of precious metal - Notional loss or actual loss - Abnormal loss incurred by the assessee can be treated as revenue expenditure to be allowable during this year or...

3. Mark to market loss - Contingent loss or not - Unrealized foreign exchange forward contract losses - 'mark to market' loss on such future and forward contracts are not a...

4. Disallowing foreign exchange loss - claim of exchange fluctuation loss in revenue account by the Assessee in accordance with generally accepted accounting practices and...

5. Foreign exchange gain taxability - restatement of foreign currency loan - AO directed to grant deduction of notional exchange loss in the subsequent assessment years - AT

6. Difference on account of exchange rate fluctuation is entitled to deduction under section 80IB - AT

7. Disallowance being the amount of exchange fluctuation loss provided at the year end on business advance received in foreign exchange - the exchange fluctuation loss...

8. Provision against SABAH forward contract as the order was cancelled beyond the year ending - Incurring of loss in a succeeding year is something quite different from...

9. The public notice announces the launch of the Exchange Rate Automation Module (ERAM) by the Central Board of Indirect Taxes and Customs (CBIC) to automate the process of...

10. Reopening of assessment u/s 147 - addition made on account of loss on exchange rate difference - if the view of AO is accepted then the purchases would be booked at the...

11. Additional Depreciation on increased cost - Adjustments u/s 43A - exchange rate fluctuation - the increase or decrease in liability should be taken into account to...

12. Addition on account of foreign exchange loss u/s 37(1) - Assessee in the subsequent assessment year has offered the amount of trading advance as income including the...

13. MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

14. Market to market loss - loss on account of Exchange rate fluctuation - of outstanding debtors and creditors for sale and purchase of foreign currency - speculative...

15. Disallowance of swap contract loss - whether the loss is not real but a notional loss for the reason that there was no actual transaction carried out by the assessee -...