Setback to ICICI: ITAT confirms Revision of Indexation on Foreign Currency to Calculate Capital Loss [Read Order]

Capital gain in respect of capital assets acquired in foreign currency is required to be first computed in foreign currency and thereafter converted into INR for tax purposes
ITAT - ITAT Mumbai - Income tax - Income tax news - ICICI - ICICI capital loss - Foreign Currency Indexation - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) confirmed the revision of indexation on foreign currency for calculating capital loss which led to a set back to the ICICI. It was observed that the Capital gain in respect of capital assets acquired in foreign currency is required to be first computed…

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