https://www.taxtmi.com/caselaws?id=187522 The Tribunal dismissed the petition challenging the restriction of relief under Section 90 of the Income Tax Act, emphasizing the inclusion of foreign branch income in the Indian return with corresponding tax credit. Regarding the treatment of loss on foreign exchange derivatives transactions, the Tribunal upheld the decision that such losses should be treated as business losses, not speculation losses. Additionally, the Tribunal rectified an error in the order and allowed the deduction under Section 35D for preference share expenses, dismissing the Revenue's appeal. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 25 Oct 2016 15:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187522 The Tribunal dismissed the petition challenging the restriction of relief under Section 90 of the Income Tax Act, emphasizing the inclusion of foreign branch income in the Indian return with corresponding tax credit. Regarding the treatment of loss on foreign exchange derivatives transactions, the Tribunal upheld the decision that such losses should be treated as business losses, not speculation losses. Additionally, the Tribunal rectified an error in the order and allowed the deduction under Section 35D for preference share expenses, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187522