https://www.taxtmi.com/caselaws?id=65082 The Tribunal determined that the gains from the cancellation of foreign exchange forward contracts are capital receipts, as they were entered into to hedge against liabilities from foreign loans used for acquiring capital assets. Consequently, these gains should be deducted from the cost of plant and machinery as per section 43A(1), aligning with Explanation 3. en-us Tue, 23 Mar 2004 00:00:00 +0530 Wed, 17 Jul 2024 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65082 The Tribunal determined that the gains from the cancellation of foreign exchange forward contracts are capital receipts, as they were entered into to hedge against liabilities from foreign loans used for acquiring capital assets. Consequently, these gains should be deducted from the cost of plant and machinery as per section 43A(1), aligning with Explanation 3. Case-Laws Income Tax Tue, 23 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65082