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Income Tax - Highlights / Catch Notes

Home Highlights May 2019 Year 2019 This

Disallowance of foreign currency exchange loss treating ...

Income Tax

May 30, 2019

Disallowance of foreign currency exchange loss treating speculative - the hedging of foreign currency was done on the basis of confirmed orders with the customers and past export performance which the bankers have duly verified and thereafter the forward contract were entered before the actual delivery of goods - intended to guard against losses through future price fluctuations - business loss

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  1. 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

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

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

  5. Risk Management and Inter-bank Dealings – Hedging of foreign exchange risk - Circular

  6. Hedging of exchange rate risk by Foreign Portfolio Investors (FPIs) under Voluntary Retention Route

  7. Nature of loss - speculative transaction - When the assessee is not dealer in foreign exchange and as a part of his normal business activity, enters into hedging...

  8. Loss in connection with the hedging contract - business loss or speculative loss - For the purpose of hedging the loss due to fluctuation in foreign exchange while...

  9. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 - Opening of Foreign Currency Accounts by Re-insurance and...

  10. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019

 

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