![Tax Audit u/s 44AB Not Applicable When Turnover is Below ₹60 Lakh: ITAT Deletes Addition [Read Order]](https://images.taxscan.in/h-upload/2025/11/04/500x300_2102287-tax-audit-itat-itat-deletes-addition-applicable-when-turnover-taxscan.webp "Tax Audit u/s 44AB Not Applicable When Turnover is Below ₹60 Lakh: ITAT Deletes Addition [Read Order]")
Tax Audit u/s 44AB Not Applicable When Turnover is Below ₹60 Lakh: ITAT Deletes Addition [Read Order]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition for business loss claim from derivative trading observing that tax...
![Foreign Currency Derivative Losses Allowed as Business Expenditure: ITAT quashes Revisionary Income Tax Order [Read Order]](https://images.taxscan.in/h-upload/2025/09/23/250x150_2090135-foreign-currency-derivative-losses-business-expenditure-taxscan.webp "Foreign Currency Derivative Losses Allowed as Business Expenditure: ITAT quashes Revisionary Income Tax Order [Read Order]")
![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]")
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]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that loss on forward exchange contracts of the export business are business losses not speculative losses under Section 43(5) of the Income...
![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]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) directed the assessing officer to re-adjudicate the addition made by treating the loss of income as the speculation loss under section 73...
![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]")
“High Sea Sale” of Imported Goods are not considered as speculative transaction u/s 43(5) of Income Tax Act: ITAT Upholds Interest Income as Business Income
The Amritsar bench of the Income Tax Appellate Tribunal (ITAT) has recently held that high sea sales of imported goods are not considered as speculative transactions under Section 43(5) of the Income...
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...
