Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (2) TMI 95 - GUJARAT HIGH COURTSurplus received on cancellation of forward foreign exchange contract - AO has treated the surplus as not liable to tax – CIT plea is that order of AO is erroneous – held that mere cancellation of the contract does not result in any transfer of any asset - held that the surplus received was a capital receipt not liable to tax - since AO made necessary inquiries and applied his mind while concluding that the receipt was on capital account, CIT could not exercise jurisdiction u/s 263
|