Actual profit in Indian Currency declared after determining the Foreign Profit by calculating all Transactions in Foreign Currency is valid method: ITAT deletes the Addition
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that actual profit in Indian currency was declared after determining the foreign...
![Govt updates Customs Tariff Value of Palm Oil, Gold, Silver and Areca Nuts w.e.f. 16th April 2024 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/04/CBIC-Ministry-of-Finance-Customs-Tariff-Value-update-Customs-updates-taxscan.jpg "Govt updates Customs Tariff Value of Palm Oil, Gold, Silver and Areca Nuts w.e.f. 16th April 2024 [Read Notification]")
![Setback to ICICI: ITAT confirms Revision of Indexation on Foreign Currency to Calculate Capital Loss [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-ICICI-ICICI-capital-loss-Foreign-Currency-Indexation-taxscan.jpg "Setback to ICICI: ITAT confirms Revision of Indexation on Foreign Currency to Calculate Capital Loss [Read Order]")
Relief to Bajaj Auto Ltd: ITAT allows Deduction u/s 40(a) (i) of Income Tax Act in respect of Expenditure incurred in Foreign Currency [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has granted relief to Bajaj Auto Ltd by allowing a deduction under Section 40(a) (i) of the Income Tax Act 1961, for expenditures...
![Relief to Bajaj Auto Ltd: ITAT allows Deduction u/s 40(a) (i) of Income Tax Act in respect of Expenditure incurred in Foreign Currency [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-ITAT-Mumbai-Income-tax-on-bajaj-auto-ltd-Bajaj-auto-ltd-Income-tax-act-Expenditure-incurred-in-foreign-currency-Foreign-currency-ITAT-allows-deduction-Expenditure-incurred-TAXSCAN.jpg "Relief to Bajaj Auto Ltd: ITAT allows Deduction u/s 40(a) (i) of Income Tax Act in respect of Expenditure incurred in Foreign Currency [Read Order]")
Concealment of Foreign currency: CESTAT Remand Matter for Adjudication on Confiscation of Currency under Customs Act [Read Order]
In the case of concealment of foreign currency, the Bangalore Bench of the Customs, Excise and Service Tax Appellate Tribunal( CESTAT ) remanded the matter for adjudication on confiscation of...
![Concealment of Foreign currency: CESTAT Remand Matter for Adjudication on Confiscation of Currency under Customs Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Concealment-of-Foreign-currency-Foreign-currency-cestat-bangalore-CESTAT-Adjudication-taxscan.jpg "Concealment of Foreign currency: CESTAT Remand Matter for Adjudication on Confiscation of Currency under Customs Act [Read Order]")
Concealment of Foreign currency: CESTAT sets aside Penalty u/s 114 of Customs Act in Absence of Evidence other than Statement of Co-accused [Read Order]
In the case of concealment of foreign currency, the Bangalore Bench of the Customs, Excise and Service Tax Appellate Tribunal(CESTAT) set aside Penalty under section 114 of the Customs Act, 1962 in...
![Concealment of Foreign currency: CESTAT sets aside Penalty u/s 114 of Customs Act in Absence of Evidence other than Statement of Co-accused [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Concealment-of-Foreign-currency-site-image-1.jpg "Concealment of Foreign currency: CESTAT sets aside Penalty u/s 114 of Customs Act in Absence of Evidence other than Statement of Co-accused [Read Order]")
CBDT notifies Amendment to Rules 10TA and 10TD of Income Tax Rules, impact on Safe Harbour Rules [Read Notification]
The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Twenty-Ninth Amendment) Rules, 2023, to amend Rules 10TA and 10TD, pertaining to Safe Harbour in Transfer Pricing Regulations. ...
![CBDT notifies Amendment to Rules 10TA and 10TD of Income Tax Rules, impact on Safe Harbour Rules [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Tax-Rules-CBDT-amendment-Safe-Harbour-Rules-TAXSCAN.jpg "CBDT notifies Amendment to Rules 10TA and 10TD of Income Tax Rules, impact on Safe Harbour Rules [Read Notification]")
Foreign Currency Expenses on Telecom charges and Technical Services outside India included in Export Turnover for Section 10A of Income Tax Act: ITAT grants Relief to Tech Mahindra [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, held that foreign currency expenses on telecommunication charges and technical services outside India should not be excluded from the export...
![Foreign Currency Expenses on Telecom charges and Technical Services outside India included in Export Turnover for Section 10A of Income Tax Act: ITAT grants Relief to Tech Mahindra [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Foreign-Currency-Expenses-Telecom-charges-Technical-Services-India-included-in-Export-Turnover-Income-Tax-Act-ITAT-Tech-Mahindra-TAXSCAN.jpg "Foreign Currency Expenses on Telecom charges and Technical Services outside India included in Export Turnover for Section 10A of Income Tax Act: ITAT grants Relief to Tech Mahindra [Read Order]")
Relief to Tech Mahindra: ITAT directs LIBOR plus 80 Basis points for Interest Rate in determining ALP for Loans borrowed in Foreign Currency [Rad Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, held that the appropriate LIBOR rate should be applied to determine the Arm's Length Price (ALP) for loans borrowed in foreign currency. The...
![Relief to Tech Mahindra: ITAT directs LIBOR plus 80 Basis points for Interest Rate in determining ALP for Loans borrowed in Foreign Currency [Rad Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Tech-Mahindra-ITAT-Directs-LIBOR-plus-80-Points-for-Interest-Rate-ALP-for-Loans-Foreign-Currency-TAXSCAN.jpg "Relief to Tech Mahindra: ITAT directs LIBOR plus 80 Basis points for Interest Rate in determining ALP for Loans borrowed in Foreign Currency [Rad Order]")