https://www.taxtmi.com/caselaws?id=256401 The Tribunal upheld the decision that the FCNR loss claimed by the assessee was not allowable as revenue expenditure, as it was considered speculative and not related to the business activities. The foreign currency swap option transactions were classified as speculative, not eligible for deduction under the Income Tax Act. The provision for losses did not meet the criteria for deduction as per Accounting Standard 11. The Tribunal ruled that the notional loss could not be set off against speculative income, emphasizing that the loss must crystallize for adjustment. The appeal was dismissed, affirming the disallowance of the FCNR loss and the treatment of speculative transactions. en-us Fri, 17 Oct 2014 00:00:00 +0530 Thu, 12 Feb 2015 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256401 The Tribunal upheld the decision that the FCNR loss claimed by the assessee was not allowable as revenue expenditure, as it was considered speculative and not related to the business activities. The foreign currency swap option transactions were classified as speculative, not eligible for deduction under the Income Tax Act. The provision for losses did not meet the criteria for deduction as per Accounting Standard 11. The Tribunal ruled that the notional loss could not be set off against speculative income, emphasizing that the loss must crystallize for adjustment. The appeal was dismissed, affirming the disallowance of the FCNR loss and the treatment of speculative transactions. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256401