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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Disallowance of foreign exchange loss on account of marking to ...

Income Tax

May 2, 2015

Disallowance of foreign exchange loss on account of marking to mark to market of forward contracts - "expenditure" as used in section 37 in Income Tax Act may in the circumstances of a particular case cover an amount which is a "loss" even though said amount has not been given from the pocket of the assessee. - AT

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  1. Disallowance on account of 'mark to market loss' on F&O transaction - additions deleted - AT

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  3. Allowing mark to market loss on account of outstanding forward contract liability - the forward contract transactions so entered during the course of regular business...

  4. Disallowance of foreign exchange fluctuation loss - mark to market loss - There is hardly any quarrel on such DRP’s directions are binding on an Assessing Officer u/s...

  5. Mark-to-market loss treated as contingent loss - no prudent trader would care to show increased profits before actual realization - the addition made by the AO deleted - AT

  6. TP Adjustment - When foreign exchange loss is to form part of the total base of the taxpayer for the purpose of charging a mark up to its AEs as it drives income from...

  7. 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...

  8. Market to market loss - loss on account of Exchange rate fluctuation - of outstanding debtors and creditors for sale and purchase of foreign currency - speculative...

  9. 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 -...

  10. MTM losses in respect of forward foreign exchange contract debited to the profit and loss account are allowable - AT

 

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