Additions of commission income - Assessment u/s 153A r.w.s 144 - ...

Appellate authority upholds decision: No deductions for assessee on exchange rate fluctuations without hedging contract evidence.

December 21, 2021

Case Laws     Income Tax     AT

Additions of commission income - Assessment u/s 153A r.w.s 144 - We also affirms the finding of ld CIT(A) that that when the actual business of assessee was importing goods for others and in the books credit in the name of exporters, thus exchange rate difference is not payable by the assessee and the assessee is not eligible for deduction of such exchange rate fluctuation. No evidence is filed by the assessee on record to prove the fact that the assessee entered into hedging contract with the Banker, the evidence found in the form of e-mail and other evidences show the facts otherwise. Therefore, the submissions made by the assessee do not inspire confidence. - AT

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