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Reimbursement of Forex Loss Not Taxable Due to Capital Nature
Case Law Details
- Case Name
- Informatica Business Solutions Pvt Ltd Vs JCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Bangalore
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Informatica Business Solutions Pvt Ltd Vs JCIT (ITAT Bangalore)
Reimbursement of ECB Forex Loss Not Taxable u/s 28(iv); s.40(a)(iii) Issue Remanded; Reversal of Earlier-Disallowed Provision Cannot Be Taxed
Assessee, a wholly-owned subsidiary of Informatica Corp, provides Software Development, ITeS & Marketing Support services to AE. Draft assessment u/s 143(3) r.w.s 144C included TP adjustment of ₹120.28 Cr (later withdrawn from appeal via MAP), & three non-TP additions:
(1) ₹4,88,45,724 taxed u/s 28(iv) as benefit on reimbursement of ECB forex loss;
(2) ₹37,68,805 disallowed u...
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