Home Highlights January 2015 Year 2015 This

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1. 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...

2. 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 -...

3. Disallowance on provision of loss on derivative contracts - The loss sustained by the assessee due to fluctuation in foreign exchange while implementing export contract...

4. Nature of loss - business loss or speculation loss - trading in derivatives i.e. F&O of shares - The contract note clearly revealed that the transactions were supported...

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

6. 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...

7. Disallowance of loss from derivative business – assessee, having lack of knowledge about the contract note, did not desire for the contract note from sub-broker -...

8. Works contract or contract for Sale - the contract in the instant case is predominantly for supply of equipment, erection and installation - The intention of parties as...

9. Loss incurred on account of forex derivative contracts - Revenue directed to set off of the losses incurred by the assessee on account of forex derivatives contracts...

10. Arbitration award - Share Purchase Agreement (SPA) - What the law prohibits under Section 18A read with Section 16 read with the SEBI circular of 1st March 2000 is not...

11. Works contract - levy of sales tax - single indivisible contract - State Legislature is empowered to segregate the goods part of the works contract and impose sales tax...

12. 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...

13. See Regulation 4 - Permissible foreign exchange derivative contract - - Schedule I of the FOREIGN EXCHANGE MANAGEMENT (FOREIGN EXCHANGE DERIVATIVE CONTRACTS)...

14. Permission to enter into a foreign exchange derivative contract - Regulation 4 of the FOREIGN EXCHANGE MANAGEMENT (FOREIGN EXCHANGE DERIVATIVE CONTRACTS) REGULATIONS,...

15. Definitions - Regulation 2 of the FOREIGN EXCHANGE MANAGEMENT (FOREIGN EXCHANGE DERIVATIVE CONTRACTS) REGULATIONS, 2000 as amended