![Relief to Abu-Dhabi Commercial Bank: Bombay HC allows withdrawal of appeal on disputed Income Tax claim being valued at “Nil” [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Abu-Dhabi-Commercial-Bank-Commercial-Bank-Bombay-High-Court-withdrawal-appeal-Income-Tax-claim-Taxscan.jpg "Relief to Abu-Dhabi Commercial Bank: Bombay HC allows withdrawal of appeal on disputed Income Tax claim being valued at “Nil” [Read Order]")
Relief to Abu-Dhabi Commercial Bank: Bombay HC allows withdrawal of appeal on disputed Income Tax claim being valued at “Nil” [Read Order]
The Bombay High Court allowed the withdrawal of appeal on disputed income tax claim being valued at “Nil”, thereby granting relief to Abu-Dhabi...
![Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Direct-nexus-Manufacturing-activity-Forex-Gain-Export-Gujarat-High-Court-deduction-Income-Tax-Act-Income-Tax-Tax-taxscan.jpg "Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]")
![Commission Agent Service is export of service, no service tax when commission is received in convertible foreign exchange: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Commission-Agent-Service-agent-service-export-of-service-service-tax-foreign-exchange-convertible-foreign-exchange-CESTAT-taxscan.jpg "Commission Agent Service is export of service, no service tax when commission is received in convertible foreign exchange: CESTAT [Read Order]")
![Earning from Foreign Exchange Fluctuations not in connection with Business Activity, Income Tax Addition not valid: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Foreign-Exchange-Business-Activity-Income-Tax-Addition-Gujarat-HC-taxscan.jpg "Earning from Foreign Exchange Fluctuations not in connection with Business Activity, Income Tax Addition not valid: Gujarat HC [Read Order]")
![Sale of Internet Advertising Space attracts 18% GST: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Sale-Internet-Advertising-Space-GST-AAR-taxscan-1.jpeg "Sale of Internet Advertising Space attracts 18% GST: AAR [Read Order]")
CBIC withdraws Circular prescribing Norms for Filing & Processing of Refund Claims by Retail Outlets established at Airports [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular withdrawing its earlier circular prescribing a detailed guidelines on the refund of taxes paid on inward supply of...
![CBIC withdraws Circular prescribing Norms for Filing & Processing of Refund Claims by Retail Outlets established at Airports [Read Circular]](https://www.taxscan.in/wp-content/uploads/2022/07/CBIC-Refund-Retail-Outlets-Airports-taxscan.jpeg "CBIC withdraws Circular prescribing Norms for Filing & Processing of Refund Claims by Retail Outlets established at Airports [Read Circular]")
![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]")
Foreign Exchange Derivative Losses can be allowed for Deduction as it is Notional Loss: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) comprising Shri P M Jagtap, accountant member and Shri Siddhartha Nautiyal, Judicial member has held that foreign exchange derivative...
![Foreign Exchange Derivative Losses can be allowed for Deduction as it is Notional Loss: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Foreign-exchange-derivative-losses-deduction-notional-loss-ITAT-Taxscan.jpeg "Foreign Exchange Derivative Losses can be allowed for Deduction as it is Notional Loss: ITAT [Read Order]")
Assessee entitled to rely upon Approval of Development Commissioner, claim Deduction for earning of Foreign Exchange: Madras High Court [Read Judgment]
The Madras High Court held that the assessee entitled to rely upon approval of Development Commissioner, claim a deduction for earning of foreign exchange. The appellant, Indus Teqsite Private...
![Assessee entitled to rely upon Approval of Development Commissioner, claim Deduction for earning of Foreign Exchange: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/09/Development-Commissioner-foreign-exchange-Madras-High-Court-Taxscan.jpg "Assessee entitled to rely upon Approval of Development Commissioner, claim Deduction for earning of Foreign Exchange: Madras High Court [Read Judgment]")
Bombay HC refuses to restrict benefit of SEIS with reference to the concept of Net Foreign Exchange [Read Order]
The Bombay High Court refused to restrict the benefit of SEIS with reference to the concept of net foreign exchange. The Petitioner, Atlantic Shipping Private Limited is a Shipping Agent takes...
Delhi High Court stays Penalty of Rs 96 lakhs on PayPal imposed by the Financial Intelligence Unit India [Read Order]
The Delhi High Court on Monday stayed a penalty issued by the Finance Ministry’s Financial Intelligence Unit (FIU) against PayPal Payments Private Limited, the global payments giant’s Indian arm,...
Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that losses on account of exchange fluctuation on forward contracts are allowable as a deduction. The assessee, ABB Global Industries...
![Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Losses-account-exchange-fluctuation-forward-contracts-deduction-ITAT-taxscan.jpg "Losses on account of Exchange Fluctuation on Forward Contracts are allowable as Deduction: ITAT [Read Order]")