Oswal Woollen Mills Ltd., Ludhiana vs Addl. Cit, Ludhiana on 22 July, 2022
Oswal Woollen Mills Ltd., Ludhiana vs Addl. Cit, Ludhiana on 22 July, 2022
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1 - 10 of 1363 (1.20 seconds)Assistant Commissioner Of Income-Tax, ... vs M/S Raghuvir Ferro Alloys Pvt. Ltd., ... on 29 January, 2025
acceptable for the reason that
In common parlance, a forex derivative represents an agreement whose value depends on the value
of the underlying foreign exchange ... rates. Commonly forex derivatives are utilised to hedge the
currency risk and could be in the form of a forward contract or an option
Wns Global Services P. Ltd, Mumbai vs Dcit Cir 14(3)(1), Mumbai on 19 March, 2020
should be computed without considering the gain from forex derivative
contracts.
9. The learned AO erred in not setting off brought forward business
losses
Bharat Mines And Minerals, Bangalore vs Assistant Commissioner Of Income Tax, ... on 23 November, 2022
transaction.
14. To sum up:
(i) The assessee has entered into forex derivative transactions only in order
to contain foreign exchange fluctuation risk.
ii) Thus ... loss on account forex derivative transactions are directly
attributable to the normal business of the assessee.
(iii) The loss incurred by the assessee is realistic
Reliance Communications Ltd, Navi ... vs Assessee on 5 February, 2013
crux of the Instruction is that the
loss on account of forex derivatives cannot be allowed against taxable
income.
8.3. In CIT v. Woodward Governor ... logic of the view that the forex loss be ignored but the
forex gain on derivatives be taxed. Any profit and loss from an item
Majestic Exports, Tiruppur vs Assessee on 24 July, 2015
loss as speculative loss in respect of loss on account of forex
derivative contracts (Exotic Cross Currency Option Contracts).
3. The facts of the case ... Parliament in its wisdom could not have foreseen large
scale forex and forex derivatives transactions could be
undertaken by the assessee. This is the reason
Reliance Communications Ltd, Navi ... vs Assessee on 5 February, 2014
assessee company. The
Commissioner also found that the assessee has acquired
forex/derivative instruments for hedging and the losses are recognized
on the settlement ... logic of the view
that the forex loss be ignored but the forex gain on derivatives be taxed. Any profit
and loss from an item
The Acit, Cochin vs M/S.Sud Chemie India P. Ltd, Cochin on 28 February, 2018
assessment year 2008-09. The
assessee had provided for loss on forex derivatives amounting to
Rs.2,42,86,625/- for the assessment year ... Accounting for Derivatives issued by the ICAI.
2.2 The losses on forex derivatives have been provided on marked to market
basis and it only
Vinay Prakash (Huf), New Delhi vs Acit, Circle-42(1), New Delhi on 26 May, 2022
defines expression 'derivative' in an inclusive manner
as under:
"(ac) "derivative" includes-
(A) a security derived from a debt instrument ... came out with instructions regarding allowability
of losses on account of forex derivatives which takes cognizance
of the question confronted to us. The relevant paragraph
Dcit Non Corporate Circle-1(1), ... vs Kunnam Granite Works, Chennai on 10 February, 2022
case?
2. The learned CIT(A) erred in allowing forex derivative loss as non-speculative
and a business loss?
3. The Id. CIT(A) failed ... business expenditure?
5. The Id. CIT(A) failed to appreciate the forex derivative transactions undertaken
by the assessee are not settled by actual delivery