Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1797 - AT - Income TaxGain on cancellation of forward foreign exchange contracts - Characterization of income capital gain OR Income from Other sources - HELD THAT:- As could be seen from the material on record, the only issue in dispute between the parties is in relation to the status of gain derived from the forward foreign exchange contract, whether to be assessed as capital gain or income from other sources. Undisputedly, this is a recurring dispute between the assessee and the department from earlier assessment years and in assessee’s own case for A.Y. 2001-02 [2012 (12) TMI 1195 - ITAT MUMBAI] has held that income arising from forward foreign exchange contract is assessable under the head “Capital gains”. Hence we hold that the gains arising from forward foreign exchange contract are assessable under the head “Capital gain” and not as “Income from other sources”. Hence, grounds raised by the department on this issue are dismissed.
|