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Matter was restored related to disallowance of ₹5.11 Crore Forex Loss on ECB Settlement
Case Law Details
- Case Name
- TDK India Pvt. Ltd. Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Kolkata
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TDK India Pvt. Ltd. Vs DCIT (ITAT Kolkata)
Conclusion: The issue of ₹5.11 crore forex fluctuation loss on the settlement of External Commercial Borrowings (ECB) was restored back to AO for re-examination as adjustment could not be made for the comparables due to non-availability of reliable data, the foreign currency gain should be excluded from operating income/expense of the assessee as well as that of the comparables while calculating the PLI for determining the Arm’s length price in order to ensure a consistent and reliable comparison.
Held: Assessee-company had incurr...
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