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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Gain from conversion of currency - accrual of income - Use of ...

Income Tax

July 1, 2014

Gain from conversion of currency - accrual of income - Use of repatriated funds – entire funds were raised abroad - no addition - HC

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  2. Correct head of income - the nature of gains from mutual fund redemptions - these gains were capital gains, not business income - no substantial question of law arises - HC

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  8. DRI busted Foreign Currency Smuggling Racket involving Foreign Nationals; Foreign Currencies worth ₹ 6.14 crore seized

  9. Penalty - Confiscation of foriegn currency - carrying currency in excess of prescribed limit - penalty reduced - AT

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