https://www.taxtmi.com/caselaws?id=275990 The ITAT Mumbai allowed the appeal of the assessee, finding gains from forward exchange contracts to be capital in nature and not taxable as income. The Tribunal set aside the CIT's order under section 263, emphasizing that the gains were related to the acquisition of fixed assets and should be treated as capital. The Tribunal considered the business activities of the assessee and legal principles, ultimately concluding that the gains should be adjusted from the cost of fixed assets. en-us Fri, 06 Nov 2015 00:00:00 +0530 Thu, 25 Oct 2018 08:09:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275990 The ITAT Mumbai allowed the appeal of the assessee, finding gains from forward exchange contracts to be capital in nature and not taxable as income. The Tribunal set aside the CIT's order under section 263, emphasizing that the gains were related to the acquisition of fixed assets and should be treated as capital. The Tribunal considered the business activities of the assessee and legal principles, ultimately concluding that the gains should be adjusted from the cost of fixed assets. Case-Laws Income Tax Fri, 06 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275990