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Income Tax - Highlights / Catch Notes

Home Highlights February 2013 Year 2013 This

Notional gain on conversion of foreign exchange deposit placed ...


Tax Order Upheld: No Addition for Notional Gain on Foreign Exchange Deposit Conversion, AS 11 Classifies as Non-Monetary Item.

February 27, 2013

Case Laws     Income Tax     AT

Notional gain on conversion of foreign exchange deposit placed with its wholly owned subsidiary company relying on AS-11 - non-monetary item - Order of CIT(A) deleting the addition confirmed - AT

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