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
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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