CBIC notifies amendment in Customs Tariff Value of Palm Oil, Gold, Silver and Areca Nuts
The Central Government has amended the Customs Tariff Value of certain goods including Palm oil, gold, silver, areca nuts etc. vide notification no....
![CBDT amends Rule of Rate of Exchange for Purpose of TDS on Income Payable in Foreign Currency [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/08/CBDT-Rule-of-Rate-of-Exchange-Rate-of-Exchange-TDS-Income-Payable-in-Foreign-Currency-Income-Payable-Foreign-Currency-taxscan.jpg "CBDT amends Rule of Rate of Exchange for Purpose of TDS on Income Payable in Foreign Currency [Read Notification]")
Finance Ministry notifies Foreign Currency Conversion Rates for Import and Export of Goods w.e.f. June 2nd, 2023 [Read Notification]
With effect from today (01-06-2023), the Central Board of Indirect Taxes and Customs (CBIC) has announced the revised rates of exchange for conversion of foreign currencies for import and export of...
![Finance Ministry notifies Foreign Currency Conversion Rates for Import and Export of Goods w.e.f. June 2nd, 2023 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/06/Finance-Ministry-notifies-Foreign-Currency-Conversion-Rates-for-Import-and-Export-of-Goods-TAXSCAN.jpg "Finance Ministry notifies Foreign Currency Conversion Rates for Import and Export of Goods w.e.f. June 2nd, 2023 [Read Notification]")
No Document to Prove Discharge of Customs Duty Liability for Foreign Currency: CESTAT decides Foreign Currency as Smuggled even though not Recovered from Customs Area
The New Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), that the seized gold is of smuggled nature even though they were not recovered from the customs area as no...
Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, held that the loss incurred in foreign exchange for converting loan to foreign currency is allowable as business loss. The assessee’s unit...
![Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Foreign-Exchange-Loss-Foreign-Exchange-Foreign-Exchange-Loss-incurred-for-Converting-Loan-Converting-Loan-Loan-Foreign-Currency-allowable-as-Business-Loss-Foreign-Currency-Business-Loss-ITAT-Taxscan.jpg "Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]")
CBIC notifies Foreign Currency Conversion Rates for Import and Export of Goods effective from Today [Read Notification]
The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the redetermined rates of exchange of conversion of foreign currencies for import and export of goods effective from today...
![CBIC notifies Foreign Currency Conversion Rates for Import and Export of Goods effective from Today [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/03/CBIC-CBIC-notifies-Foreign-Currency-Conversion-Rates-Import-Import-and-Export-Taxscan.jpg "CBIC notifies Foreign Currency Conversion Rates for Import and Export of Goods effective from Today [Read Notification]")
Foreign Currency is not a ‘Commodity’, Income Tax Addition based on Speculative Transactions not permissible: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has held that foreign currency is not a “commodity” and that addition based on the speculative transaction is not permissible. ...
![Foreign Currency is not a ‘Commodity’, Income Tax Addition based on Speculative Transactions not permissible: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Foreign-Currency-Commodity-Income-Tax-Addition-Income-Tax-Tax-Speculative-Transactions-ITAT-Taxscan.jpg "Foreign Currency is not a ‘Commodity’, Income Tax Addition based on Speculative Transactions not permissible: ITAT [Read Order]")
Hedging Transactions to Safeguard Loss arising out of Fluctuation in Foreign Currency not Speculative in Nature: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), held that Hedging transactions to safeguard loss arising out of fluctuation in foreign currency are not speculative in nature. The...
![Hedging Transactions to Safeguard Loss arising out of Fluctuation in Foreign Currency not Speculative in Nature: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Hedging-Transactions-Safeguard-Loss-Fluctuation-in-Foreign-Currency-Foreign-Currency-Speculative-in-Nature-Income-Tax-ITAT-taxscan.jpg "Hedging Transactions to Safeguard Loss arising out of Fluctuation in Foreign Currency not Speculative in Nature: ITAT [Read Order]")