Disallowance of SWAP loss under section 37(1) - As for the CBDT ...

SWAP Loss Disallowance: CBDT Instructions Not Binding on Assessees u/s 37(1); Claim Validity Stands Independent of Guidance.

April 13, 2021

Case Laws Income Tax AT

Disallowance of SWAP loss under section 37(1) - As for the CBDT instructions, it is only elementary that any instructions issued by the CBDT cannot bind the assessee even though the assessee is entitled to, and can legitimately ask for, any benefits granted to the assessee by such instructions or circulars. Nothing, therefore, turns on the CBDT instruction even if it is actually contrary to the claim of the assessee. - AT

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Disallowance of SWAP loss under section 37(1) - As for the CBDT ...

SWAP Loss Disallowance: CBDT Instructions Not Binding on Assessees u/s 37(1); Claim Validity Stands Independent of Guidance.

April 13, 2021

Case Laws Income Tax AT

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