https://www.taxtmi.com/caselaws?id=220982 The Tribunal held that the AO's investigation into Foreign Currency Convertible Bonds (FCCBs) was proper, rejecting the CIT's demand for further proof beyond Lead Managers. Regarding interest income earned by a subsidiary, the Tribunal found the issue debatable and supported the AO's stance, referencing a relevant case law. On the allowability of Mark to Market (MTM) losses on foreign exchange derivatives, the Tribunal ruled in favor of the assessee, stating that if losses are contingent, gains should be treated likewise. The Tribunal concluded that the AO's actions were justified, and the CIT's revision under Section 263 was unwarranted, leading to the appeal's allowance and setting aside of the CIT's order. en-us Tue, 05 Feb 2013 00:00:00 +0530 Sat, 16 Feb 2013 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220982 The Tribunal held that the AO's investigation into Foreign Currency Convertible Bonds (FCCBs) was proper, rejecting the CIT's demand for further proof beyond Lead Managers. Regarding interest income earned by a subsidiary, the Tribunal found the issue debatable and supported the AO's stance, referencing a relevant case law. On the allowability of Mark to Market (MTM) losses on foreign exchange derivatives, the Tribunal ruled in favor of the assessee, stating that if losses are contingent, gains should be treated likewise. The Tribunal concluded that the AO's actions were justified, and the CIT's revision under Section 263 was unwarranted, leading to the appeal's allowance and setting aside of the CIT's order. Case-Laws Income Tax Tue, 05 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220982