ITAT Deletes disallowance of payment made on account of Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on FCNRB Loan Account [Read Order]

By Aparna. M - On May 10, 2024 9:06 am - 2 mins read

ITAT kolkata - FCNRB - Foreign Exchange - la opala - Foreign Exchange Fluctuation - Foreign Exchange Fluctuation Loss - taxscan

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) deleted the disallowance of payment made on account of the Forward Contract Loss incurred towards hedging Foreign Exchange Fluctuation Loss on the FCNRB Loan Account. The Assessee La Opala RG Ltd is engaged in the business of manufacturing Opal and crystal glassware and generation and sale…

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