![Disputed Set off of Rs.41L in Income Tax Assessment: ITAT Remits case for consideration of Furnished Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Bangalore-Income-Tax-Appellate-Tribunal-Income-Tax-Income-Tax-Assessment-taxscan.jpg "Disputed Set off of Rs.41L in Income Tax Assessment: ITAT Remits case for consideration of Furnished Documents [Read Order]")
Disputed Set off of Rs.41L in Income Tax Assessment: ITAT Remits case for consideration of Furnished Documents [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Bangalore recently recognized the failure by the Commissioner of Income Taxes (Appeals) ( CIT(A) )to...
![Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Loss-on-Forward-Exchange-Contracts-export-business-business-loss-speculative-loss-Income-Tax-Act-ITAT-taxscan.jpg "Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]")
![Addition made by AO by Treating Loss of Income as Speculation Loss u/s 73 of Income Tax Act : ITAT Directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/AO-Treating-Loss-Income-Speculation-Loss-ITAT-Directs-Re-adjudication-TAXSCAN.jpg "Addition made by AO by Treating Loss of Income as Speculation Loss u/s 73 of Income Tax Act : ITAT Directs Re-adjudication [Read Order]")
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]")
Foreign Currency is not a ‘Commodity’ to invoke provisions relating to Speculative Transactions: ITAT grants Relief to Lifestyle International [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while granting the relief to Lifestyle International ruled that the Foreign Currency is not a ‘commodity’ to invoke provisions relating to...
![Foreign Currency is not a ‘Commodity’ to invoke provisions relating to Speculative Transactions: ITAT grants Relief to Lifestyle International [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Foreign-Currency-commodity-Speculative-Transactions-ITAT-Lifestyle-International-Taxscan.jpeg "Foreign Currency is not a ‘Commodity’ to invoke provisions relating to Speculative Transactions: ITAT grants Relief to Lifestyle International [Read Order]")
Loss suffered by Entering into Hedging Contracts of Foreign Exchange when assessee not a Dealer in Foreign Exchange is ‘ Normal Business Loss ’: ITAT [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal ( ITAT ) in the case of M/s ITT Shipping Pvt. Ltd. v. Pr. CIT-3, Kolkata held that when the assessee is not a dealer in foreign exchange and as a...
![Loss suffered by Entering into Hedging Contracts of Foreign Exchange when assessee not a Dealer in Foreign Exchange is ‘ Normal Business Loss ’: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/05/Business-Loss-Taxscan.jpg "Loss suffered by Entering into Hedging Contracts of Foreign Exchange when assessee not a Dealer in Foreign Exchange is ‘ Normal Business Loss ’: ITAT [Read Order]")
Definition of ‘Speculative Transaction’ does not include Currency: ITAT allows Deduction on Cancellation of Forward Contracts
In M/s Essel Propack Ltd v. ACIT, a division bench of the Mumbai ITAT, while allowing the loss suffered on cancellation of forward contracts held that the same amounts to business loss. The bench...
