2016 (3) TMI 1272

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..... actions. Since the foreign exchange loss directly resulted from trading items, it could not be considered as a nonoperating loss. Further, it is noted by the Dispute Resolution Panel that the service agreement between the Associated Enterprise (AE) and the Assessee stated that for the specified products and services provided by the Assessee, it "shall raise invoices on Ameriprise USA on the basis .....

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..... l/2014 for the Assessment Year ( AY ) 2009-10. 3. The question sought to be urged by the Revenue is whether the ITAT was correct in directing the foreign exchange gain/loss to be considered as an item of operating revenue/cost? 4. The ITAT has in the impugned order noted the fact that the foreign exchange gain earned by the Assessee is in relation to the trading items emanating from the inte .....

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