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
seized currency under Central Excise Act, 1944 , we find that the Commissioner is in error. We find that the seizure of currency in the present ... seize such goods. Section 2 (22) of the Customs Act defines goods which includes currency. Since seizure of currency is made adopting the definition
pleaded that the p ay ment s received in Ind ian currency fro m
forei gn airlin es and embassies do es not fall ... defined in the Customs Act and at the same time, the Reserve Bank of India
treats such transaction in lieu of Indian currency as convertible
currency entered into for safeguarding against loss by
fluctuation in foreign currency for purchase of plant and
machinery with loan obtained in foreign currency ... foreign currency. These
sundry debtors are exposed to currency fluctuation risk. One
of the methods to protect loss against foreign currency
fluctuation
wherein the term derivative has been
defined to include foreign currency as an underlying security of the
derivative. The relevant extract of the case ... value of other underlying financial
instruments. The International Accounting Standard (IAS) 39,
defines "derivatives" as follows: -
"A derivative is a financial instrument
belief that services rendered were in the nature of conversion of foreign currency and not credit card service. They also believed that the services having ... only when currency exchange is involved. If not using the card the card holder will be spending certain charges to convert the currency through
80HHC of
the Act. The word "export" has not been defined in the Act and thus, the
said word is to be interpreted ... defined in the Customs Act and at the same time, the Reserve Bank of
India treats such transaction in lieu of Indian currency as convertible
observed that the assessee company has entered into
derivative transactions in foreign currency through SEBI
registered broker who is a member National Stock Exchange ... explanation thereto
to entitle the assessee to bring forward contract in foreign
currency within four corners of exemption from being treated as
non-speculative transaction
currency held by it, on conversion into another
currency such profit or loss will ordinarily be trading profit or loss IT
the foreign currency ... defined event. That in the context of forex liability, the defined
event happens as soon as there is a fluctuation in foreign currency.
Therefore
transactions in currency. This is also clearly explicit
from clause (iii) of the Explanation to section 269SS of
the Act which defines loan or deposit
