2012 (10) TMI 1179

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....mar Respondent by: Shri P.J. Pardiwalla Shri Niraj Sheth O R D E R Per Bench These two appeals by the Revenue relate to A.Ys. 2005-07 & 2006-07. Since common issues are raised in both the appeals, we are therefore proceeding to dispose of them by this consolidated order for the sake of convenience. 2. Grounds No. 1 to 3 for the A.Y. 2005-06 are against the direction of the learned CIT(A) ....

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....bunal in Citicorp Banking Corporation vs. ADIT (IT) 2011-TII-40ITAT-MUM-INTL and Citicorp Investment Bank (Singapore) Ltd. vs. DCIT (IT) [2012] 24 taxmann.com 211 (Mum) in which it has been consistently held that income on account of cancellation of forward exchange contract in case of a FII is chargeable under the head 'capital gains' because there it has a direct nexus with the investment of the....