Home Highlights April 2016 Year 2016 This

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1. Disallowance of gross MTM loss - the obligation accrued against the taxpayer the minute it entered into forward foreign exchange contracts. So, the forward foreign...

2. Loss on valuation of foreign exchange contract on M2M basis - Loss on forward contracts - speculative loss - The AO disallowed the addition on the grounds that the...

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

4. Speculative loss or not - Determine the nature of losses on forward foreign exchange contracts and foreign exchange derivative contracts - the tribunal found the...

5. Loss from foreign exchange transaction in the forward market - speculative loss v/s business loss - assessee was entitled to claim deduction in respect of payment made...

6. Mark to market loss - Contingent loss or not - Unrealized foreign exchange forward contract losses - 'mark to market' loss on such future and forward contracts are not a...

7. Loss on Forward Contracts in foreign exchange - such transactions were carried out in the normal course of business to guard against the fluctuation in foreign exchange...

8. Loss in connection with the hedging contract - business loss or speculative loss - For the purpose of hedging the loss due to fluctuation in foreign exchange while...

9. Not allowing the claim for deduction of loss on account of foreign exchange fluctuation as on the last date of the previous year - addition on the ground that the loss...

10. Forward contract cancellation loss - whether be treated as business loss or speculation loss - the assessee was not a dealer in foreign exchange. - the export contracts...

11. 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...

12. Nature of loss - speculative transaction - When the assessee is not dealer in foreign exchange and as a part of his normal business activity, enters into hedging...

13. Disallowance of swap contract loss - whether the loss is not real but a notional loss for the reason that there was no actual transaction carried out by the assessee -...

14. Revision u/s 263 by CIT-A - AO’s order is not erroneous and prejudicial to the interest of revenue since mark to market loss incurred by Company on revaluation of...

15. Forward contract cancellation loss - In order to hedge against losses, the assessee had booked foreign exchange in the forward market with the bank. - allowed as business loss - HC