Addition made on account of gains from cancellation of forward ...

Gains from Forward Contract Cancellation Deemed Capital Asset Due to Foreign Exchange Fluctuation on Plant Acquisition Loan.

June 26, 2021

Case Laws Income Tax AT

Addition made on account of gains from cancellation of forward contract - Allegation that, the so-called asset could not be created not any foreign exchange loan was taken by the assessee for such assets - The intended loan have been raised for the purpose of acquisition of plant & machinery and gain so earned on fluctuation of foreign exchange rate was on capital account. Thus, the gain so earned would partake the character of capital asset. - AT

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Addition made on account of gains from cancellation of forward ...

Gains from Forward Contract Cancellation Deemed Capital Asset Due to Foreign Exchange Fluctuation on Plant Acquisition Loan.

June 26, 2021

Case Laws Income Tax AT

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