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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

MTM losses in respect of forward foreign exchange contract ...

Income Tax

April 20, 2016

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

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  3. Disallowance of exchange loss incurred on export of goods - exchange loss on export of goods adjusted against the export advance is allowable to the assessee - AT

  4. The deduction under section 10A in respect of the allowable unit under section 10A has to be allowed before setting off brought forwarded losses of a non-section 10A unit - AT

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