Home Highlights September 2018 Year 2018 This

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1. Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

2. Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary....

3. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

4. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

5. Disallowance of loss on sale of Government Securities - permissible business loss or not? - The Tribunal disagreed with the AO's presumption that the securities were not...

6. Disallowing claim of expenditure - non-carrying of business activity during the year under reference - The case involved an appeal by an assessee against the...

7. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

8. Disallowance of loss from derivative business – assessee, having lack of knowledge about the contract note, did not desire for the contract note from sub-broker -...

9. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

10. Nature of loss - capital loss or business loss - company in liquidation - assesssee claimed the same as business loss - Tribunal allowed the same as capital loss -...

11. Nature of loss - business loss or speculation loss - trading in derivatives i.e. F&O of shares - The contract note clearly revealed that the transactions were supported...

12. Disallowance on account of loss - The dynamics of business are variable and depend upon several factors and consideration, based on which assessee takes its business...

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

14. Exchange in old currency notes seized by the Police Authorities under an order of seizure - directions issued - the respondents shall exchange the old demonetized...

15. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...