Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
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The ITAT allowed the appellant's appeal, setting aside the revision order of the revenue which had disallowed claimed foreign exchange loss. The Tribunal found the appellant consistently follows the mercantile system and recognizes exchange differences on year-end valuation of outstanding foreign currency liabilities; therefore exchange loss recorded in the profit and loss account is genuine under the accounting method adopted. The ITAT concluded that, notwithstanding lack of current operations or actual settlement, year-end revaluation of a USD liability legitimately produces taxable accounting loss and is allowable, and directed restoration of the claim.
The ITAT allowed the appellant's appeal, setting aside the revision order of the revenue which had disallowed claimed foreign exchange loss. The Tribunal found the appellant consistently follows the mercantile system and recognizes exchange differences on year-end valuation of outstanding foreign currency liabilities; therefore exchange loss recorded in the profit and loss account is genuine under the accounting method adopted. The ITAT concluded that, notwithstanding lack of current operations or actual settlement, year-end revaluation of a USD liability legitimately produces taxable accounting loss and is allowable, and directed restoration of the claim.
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