Loss arising on account of exchange fluctuation - The analysis ...

Case Laws Income Tax

April 15, 2022

Loss arising on account of exchange fluctuation - The analysis done by the ITAT and the conclusion arrived at in respect of the subject claim of the appellant being the correct approach consistent with the exposition of this Court, needs to be upheld. In our opinion, the High Court missed the relevant aspects of the analysis of the ITAT concerning the fact situation of the present case. As a matter of fact, the High Court has not even adverted to the aforementioned reported decisions, much less its usefulness in the present case. - The impugned judgment and order of the High Court needs to be set aside and instead, the decision of the ITAT in favour of the appellant on the two questions examined by the High Court in the impugned judgment, needs to be affirmed and restored - SC

View Source

← Previous Next →

Loss arising on account of exchange fluctuation - The analysis ...

Case Laws Income Tax

April 15, 2022

You may also like:

The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

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

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

MAT computation - loss arising from foreign exchange fluctuation - Though before us the Revenue contended that the assessee has made only a provision, we find that...

TP Adjustment - Reduction of economic adjustment on foreign exchange fluctuation loss - in principle, the foreign exchange fluctuation loss adjustment has to be given...

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...

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

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

Claim of deduction on account of exchange fluctuation loss on account of amount received from Head Office in EURO and repaid in EURO on account of differential value in...

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

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

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

Disallowance of foreign exchange fluctuation under the head finance cost - in absence of applicability of section 43A of the Act, loss claimed by the assessee on account...

Claim towards exchange fluctuation loss - for the purpose of depreciation, the cost of asset cannot be reduced or increased due to exchange rate fluctuation - allowed as...

Nature of Liability – Contingent or not – Loss of fluctuation of foreign exchange - the restatement had come at the end of the accounting year and that the present...

Quick Updates: