https://www.taxtmi.com/caselaws?id=273370 The Appellate Tribunal ITAT Mumbai ruled in favor of the Foreign Institutional Investor (FII) incorporated in Singapore, holding that gains from forward exchange contracts should be treated as capital gains due to their direct nexus with the investment, not taxable under the Indio-Singapore DTAA. The Tribunal also upheld the charging of interest under section 234B based on the circumstances of the case, leading to the dismissal of both appeals for assessment years 2005-06 and 2006-07. en-us Wed, 03 Oct 2012 00:00:00 +0530 Thu, 21 Jun 2018 14:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273370 The Appellate Tribunal ITAT Mumbai ruled in favor of the Foreign Institutional Investor (FII) incorporated in Singapore, holding that gains from forward exchange contracts should be treated as capital gains due to their direct nexus with the investment, not taxable under the Indio-Singapore DTAA. The Tribunal also upheld the charging of interest under section 234B based on the circumstances of the case, leading to the dismissal of both appeals for assessment years 2005-06 and 2006-07. Case-Laws Income Tax Wed, 03 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273370