Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Addition of foreign exchange loss - for the earlier years, ...

Case Laws     Income Tax

May 15, 2023

Addition of foreign exchange loss - for the earlier years, assessee earned income on reinstatement of ECB and the same was duly offered to tax and the same was accepted by the assessing officer during the assessment proceedings. - when the Revenue is accepting the gains, the same treatment should be given to the loss - AT

View Source

 


 

You may also like:

  1. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

  2. 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...

  3. Addition on account of foreign exchange loss u/s 37(1) - Assessee in the subsequent assessment year has offered the amount of trading advance as income including the...

  4. Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

  5. TP Adjustment - When foreign exchange loss is to form part of the total base of the taxpayer for the purpose of charging a mark up to its AEs as it drives income from...

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

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

  8. Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...

  9. This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

  10. Addition u/s 68 - Addition on the basis of income shown in Form No. 26AS - Mercantile system of accounting - There can be overflow of income of one preceding previous...

  11. The income relatable to earlier year cannot be added to the income of this year - AT

  12. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

  13. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

  14. Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

  15. Annual letting value (ALV) of unsold residential units treated as stock-in-trade was added as income from house property. CIT(A) deleted the addition. High Court...

 

Quick Updates:Latest Updates