"28 March 2010" Archive

CBDT instructed its staff to disallow mark to market forex derivative loss

The Central Board of Direct Taxes (CBDT) has asked income-tax authorities to disallow the forex derivative loss claimed by companies on the basis of ‘marked to market' valuation. Simply put, forex derivative loss, recognised on MTM basis, would be added back for the purpose of computing the taxable income of the company concerned (asses...

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Posted Under: Income Tax |

Vodafone Essar given clean chit be special auditor

VODAFONE Essar, the country’s second-largest GSM telco, has been cleared of any wrongdoing by the government-appointed special auditors. Auditor SK Mehta and Co in their 140-page report said there were no discrepancies in the books of Vodafone Essar as the telco’s accounting were in line with international standards, but added that th...

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Posted Under: Income Tax |

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