![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]")
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...
![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]](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]](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]")
Supreme Court grants Reduction of Amount towards limited Compounding of Offence punishable u/s 135 of the Customs Act [Read Order]
The Supreme Court of India has granted a reduction of the amount towards limited compounding of an offence punishable under section 135 of the Customs Act,1962 The appellant, Chen Hsui Yun filed...
![Supreme Court grants Reduction of Amount towards limited Compounding of Offence punishable u/s 135 of the Customs Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Supreme-Court-Reduction-of-Amount-limited-Compounding-of-Offence-punishable-us-135-of-the-Customs-Act-Taxscan.jpg "Supreme Court grants Reduction of Amount towards limited Compounding of Offence punishable u/s 135 of the Customs Act [Read Order]")
No Prosecution against Foreigners/NRIs on Detection of Non-declaration of Legally Acquired Foreign Currency: CBIC issues Guidelines for Prosecution of Customs Offences
The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines for the launching of Prosecution in relation to offenses punishable under the Customs Act, 1962 wherein the Board...
Forex Transaction to Hedge Foreign Currency Risk is not Speculative, Deduction allowable: ITAT [Read Order]
The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) has ruled that, the Forex transaction to hedge foreign currency risk is not speculative and the deduction was made allowable. The...
![Forex Transaction to Hedge Foreign Currency Risk is not Speculative, Deduction allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Forex-transaction-foreign-currency-deduction-ITAT-taxscan.jpeg "Forex Transaction to Hedge Foreign Currency Risk is not Speculative, Deduction allowable: ITAT [Read Order]")
Forex dealers paid Cash for Purchase of Foreign Currency can be exempt as per 6DD(l): ITAT [Read Order]
The cash paid by the forex dealers for the purchase of foreign currency can be exempt as per 6 DD(1) of the Income Tax Act,1961, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) held as...
![Forex dealers paid Cash for Purchase of Foreign Currency can be exempt as per 6DD(l): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Forex-dealers-foreign-currency-ITAT-taxscan.jpeg "Forex dealers paid Cash for Purchase of Foreign Currency can be exempt as per 6DD(l): ITAT [Read Order]")
No Income Tax on Transfer of NFT: CBDT notifies Exclusion of Non-Fungible Token as Virtual Digital Asset [Read Notification]
In a significant move, the Central Board of Direct Taxes (CBDT) has notified that the Non-fungible token (NFTs) shall not be treated as Virtual Digital Assets for the purpose of section 2(47) of the...
![No Income Tax on Transfer of NFT: CBDT notifies Exclusion of Non-Fungible Token as Virtual Digital Asset [Read Notification]](https://www.taxscan.in/wp-content/uploads/2022/07/Income-Tax-Transfer-of-NFT-NFT-CBDT-Non-Fungible-Token-Virtual-Digital-Asset-taxscan.jpg "No Income Tax on Transfer of NFT: CBDT notifies Exclusion of Non-Fungible Token as Virtual Digital Asset [Read Notification]")
![Claim of Loss on Exchange Fluctuation in Current Assets and Liabilities allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Claim-of-loss-exchange-fluctuation-current-assets-liabilities-ITAT-Taxscan.jpeg "Claim of Loss on Exchange Fluctuation in Current Assets and Liabilities allowable: ITAT [Read Order]")
Loss arising out of Foreign Currency Term Loan as Capital Loss, Depreciation allowed on Cost of Asset including Forex: ITAT [Read Order]
Loss arising out of foreign currency term loan as a capital loss, Chennai bench of Income Tax Appellate Tribunal (ITAT) allowed depreciation on the cost of assets including forex. The assessee...
![Loss arising out of Foreign Currency Term Loan as Capital Loss, Depreciation allowed on Cost of Asset including Forex: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/foreign-currency-capital-loss-depreciation-asset-forex-ITAT-Taxscan.jpeg "Loss arising out of Foreign Currency Term Loan as Capital Loss, Depreciation allowed on Cost of Asset including Forex: ITAT [Read Order]")