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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

Addition on foreign exchange gain - restatement of liability - ...

Income Tax

December 19, 2016

Addition on foreign exchange gain - restatement of liability - contingent gain - it would only result in Revenue trying to blow hot and cold simultaneously. - no additions - AT

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

  2. Deduction u/s 10A - foreign exchange gain - the gain on receipts of foreign exchange as export proceeds are extricably linked, eligible for exemption u/s 10A - AT

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  4. Foreign exchange gain pertaining to marketing commission segment should be considered as operating income - AT

  5. Exemption u/s 10A - t the foreign exchange gain on packing credit foreign currency loan is not eligible for deduction under section 10A - AT

  6. Nature of Liability – Contingent or not – Loss of fluctuation of foreign exchange - the restatement had come at the end of the accounting year and that the present...

  7. Disallowance of foreign exchange loss on restatement of working capital loans and gold loans - In this case, the assessee has taken foreign currency working capital for...

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

  10. Disallowance of foreign exchange loss on restatement of Export Earners Foreign Currency (EEFC) account - Since the transaction in EEFC account undertaken during the year...

 

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