wherein the term derivative has been defined to include foreign currency as an
underlying security of the derivative. The relevant extract of the case ... before the tribunal . The
Ld. DR submitted that foreign currency is not security as defined under
SCRA and hence loss suffered is not a business
whether foreign currency could be considered to be either goods or merchandise. Since the foreign currency has not been defined ... expression "goods" has not been defined in the FERA, definition of "currency" in Section 2(f) of the FERA which
M/S. Aptech Ltd., Mumbai vs Jt. Cit. (Osd), - 8(1), Mumbai on 4 January
deals with effects of
Exchange Differences. Under para 2, reporting currency is defined to
mean the currency used in presenting the financial statements.
Similarly ... paid" is defined under
section 43(2) . This has been discussed earlier. Similarly, it is important
to note that foreign currency notes, balance
deals with effects of exchange differences. Under paragraph 2, reporting currency
is defined to mean the currency used in presenting the financial statements. Similarly ... paid" is
defined under section 43(2) . This has been discussed earlier. Similarly, it is important to note
that foreign currency notes, balance
forward contracts related to foreign
exchange currency.
11. The facts relating to this ground are that the AO noted that the
assessee has debited ... including shares and stocks but does not include currency.
(a) The term 'commodity' is defined neither in the Income
bonds, and foreign
currencies.‖
10. It is no doubt, tempting to hold
that since the expression "derivatives"
is defined only in Section ... bonds, and foreign currencies.
10. It is no doubt, tempting to hold that since the
expression "derivatives" is defined only in Section
That the assessee company has entered into derivative transactions in foreign
currency through recognised stock exchange and has complied with the other conditions
as stipulated ... record.
2. That the contract for derivatives in foreign currency are commodity as defined u/s 43(5)
of the Act, the underlying asset being
mitigate the possible loss in fluctuation in
currency movement of / or speculative transaction as defined in section 43(5) .
The assessee claims that loss incurred ... dispute with regard to the exposure to foreign
currency. The assessee is having exposure to foreign currency in the form of
export receivable / import payables
loss recognised by the assessee
cross currency swap contracts as at the balance-
on outstanding cross-currency balance
sheet date is an allowable deduction ... ICDS-VI
foreign currencies; (b) translating the financial statements of foreign
operations; and (c)) treatment of foreign currency transactions in the
nature of forward exchange
