Addition made on account of gains from cancellation of forward ...

Income Tax

June 26, 2021

Addition made on account of gains from cancellation of forward contract - Allegation that, the so-called asset could not be created not any foreign exchange loan was taken by the assessee for such assets - The intended loan have been raised for the purpose of acquisition of plant & machinery and gain so earned on fluctuation of foreign exchange rate was on capital account. Thus, the gain so earned would partake the character of capital asset. - AT

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Addition made on account of gains from cancellation of forward ...

Income Tax

June 26, 2021

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