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of <h1>Circular Clarifies Taxability of Foreign Currency Expenditures for ONGC Videsh Ltd; Emphasizes Local Resolution of Fact-Based Issues.</h1> The circular addresses the taxability of expenditures in foreign currency concerning M/s. ONGC Videsh Ltd. It clarifies that the issue raised does not involve a question of law but rather a question of fact, which should be assessed considering overseas contracts, joint ventures, and mandates. The Board emphasizes that such factual determinations are beyond its scope based on summarized information and should be handled by the Commissionerate, which possesses the necessary details. The circular advises against forwarding fact-based issues to the Board in the future, urging local resolution in accordance with the law.
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