Home Highlights April 2016 Year 2016 This

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1. Disallowance of gross MTM loss - the obligation accrued against the taxpayer the minute it entered into forward foreign exchange contracts. So, the forward foreign...

2. Loss from foreign exchange transaction in the forward market - speculative loss v/s business loss - assessee was entitled to claim deduction in respect of payment made...

3. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

4. Foreign exchange hedging loss - AO has failed to bring any material evidence on record to support its stand that the loss suffered by the Assessee was speculative loss - AT

5. Foreign exchange gain taxability - restatement of foreign currency loan - AO directed to grant deduction of notional exchange loss in the subsequent assessment years - AT

6. Loss on Forward Contracts in foreign exchange - such transactions were carried out in the normal course of business to guard against the fluctuation in foreign exchange...

7. Mark to market loss - Contingent loss or not - Unrealized foreign exchange forward contract losses - 'mark to market' loss on such future and forward contracts are not a...

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. 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...

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