https://www.taxtmi.com/caselaws?id=65262 The Special Bench concluded that gains from the cancellation of foreign exchange forward contracts were capital receipts and not liable to tax. The Tribunal found that the roll over charges claimed as revenue expenditure by the assessee were intimately connected to the nature of the gains and should be treated as capital expenditure. It was determined that the Special Bench had jurisdiction to consider related issues, and the order could be rectified under Section 254(2) of the IT Act if it contained a mistake apparent from the record. The Tribunal allowed the rectification application to address the issue of deductibility of roll over charges. en-us Fri, 10 Mar 2006 00:00:00 +0530 Sat, 30 Jun 2012 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65262 The Special Bench concluded that gains from the cancellation of foreign exchange forward contracts were capital receipts and not liable to tax. The Tribunal found that the roll over charges claimed as revenue expenditure by the assessee were intimately connected to the nature of the gains and should be treated as capital expenditure. It was determined that the Special Bench had jurisdiction to consider related issues, and the order could be rectified under Section 254(2) of the IT Act if it contained a mistake apparent from the record. The Tribunal allowed the rectification application to address the issue of deductibility of roll over charges. Case-Laws Income Tax Fri, 10 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65262