https://www.taxtmi.com/caselaws?id=271561 The Appellate Tribunal held in favor of the revenue, ruling that the foreign exchange gain from the restatement of a foreign currency loan should be taxed. The tribunal emphasized that the loan was utilized on revenue account, aligning with the business's nature, and that unrealized gains should not be recognized for tax purposes unless realized. The tribunal directed the Assessing Officer to allow deductions for notional exchange losses in subsequent years for consistency with the assessee's accounting method, ensuring fair treatment. en-us Wed, 30 Dec 2015 00:00:00 +0530 Tue, 09 Feb 2016 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271561 The Appellate Tribunal held in favor of the revenue, ruling that the foreign exchange gain from the restatement of a foreign currency loan should be taxed. The tribunal emphasized that the loan was utilized on revenue account, aligning with the business's nature, and that unrealized gains should not be recognized for tax purposes unless realized. The tribunal directed the Assessing Officer to allow deductions for notional exchange losses in subsequent years for consistency with the assessee's accounting method, ensuring fair treatment. Case-Laws Income Tax Wed, 30 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271561