https://www.taxtmi.com/highlights?id=74730 Revision u/s 263 by CIT - Irregular allowance of long-term capital loss wherein it has been held that the assessee has applied the cost of inflation index on foreign currency while computing the capital gain on the assets acquired out of foreign currency - The Tribunal upheld the revision proceedings by observing that, by computing long term capital gain by incorrect method assessee has got the benefit of Foreign Exchange Fluctuation as well as cost inflation index both which is not in accordance with Income tax Act. en-us Thu, 08 Feb 2024 08:12:06 +0530 Thu, 08 Feb 2024 08:12:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74730 Revision u/s 263 by CIT - Irregular allowance of long-term capital loss wherein it has been held that the assessee has applied the cost of inflation index on foreign currency while computing the capital gain on the assets acquired out of foreign currency - The Tribunal upheld the revision proceedings by observing that, by computing long term capital gain by incorrect method assessee has got the benefit of Foreign Exchange Fluctuation as well as cost inflation index both which is not in accordance with Income tax Act. Highlights Income Tax Thu, 08 Feb 2024 08:12:06 +0530 https://www.taxtmi.com/highlights?id=74730