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Foreign exchange fluctuation gain on redemption of shares at par is not taxable as capital gain
Case Law Details
- Case Name
- Havells India Ltd vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
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Havells India Ltd vs ACIT (ITAT Delhi)
Facts of the case
The appellant company is engaged in the business of manufacturing of switchgears, energy meters, cables & wires, electrical fans, compact fluorescent lamp and related components and trading luminaries, lighting fixtures and exhaust
During the Financial Year (FY) 2007-08, corresponding to Assessment Year (AY) 2008-09, the taxpayer (amongst others) had invested in the shares of one its overseas subsidiary company. Some of the shares were redeemed at par in the same year e. FY 2007-08.
The taxpayer had realized foreig...
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