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2012 (8) TMI 284 - AT - Income TaxIndia-Singapore tax treaty - Gains arising from early settlement of forward foreign exchange contract - 'capital gain' or 'income from other sources' - Held that:- As decided by Special Bench of the Tribunal in Apollo Tyres Ltd. Versus Assistant Commissioner Of Income-Tax [2004 (3) TMI 345 - ITAT DELHI-E ]gains arising from early settlement of forward foreign exchange contract has to be treated as capital gain - consequently, the gains realized from early settlement should be regarded as capital gains and not income from other sources - Such capital gains are not liable to tax in India as per Article 13(4) of the India -Singapore tax treaty - in favour of assessee.
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