https://www.taxtmi.com/caselaws?id=414104 The High Court ruled in favor of the assessee, confirming that Foreign Currency Convertible Bonds (FCCBs) are considered debt instruments for deduction under Section 35D of the Income Tax Act, 1961. The Court held that any gain or loss on FCCBs due to foreign exchange fluctuations should be treated as part of the capital account and not subject to taxation. The decision dismissed the Revenue's appeal, upholding the Tribunal's findings and affirming the non-taxability of gains or losses arising from foreign exchange fluctuations on FCCBs. en-us Fri, 01 Oct 2021 00:00:00 +0530 Thu, 28 Oct 2021 08:41:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414104 The High Court ruled in favor of the assessee, confirming that Foreign Currency Convertible Bonds (FCCBs) are considered debt instruments for deduction under Section 35D of the Income Tax Act, 1961. The Court held that any gain or loss on FCCBs due to foreign exchange fluctuations should be treated as part of the capital account and not subject to taxation. The decision dismissed the Revenue's appeal, upholding the Tribunal's findings and affirming the non-taxability of gains or losses arising from foreign exchange fluctuations on FCCBs. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414104