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Foreign exchange gain/loss arising out of revenue transactions is required to be considered as an item of operating revenue/cost
Case Law Details
- Case Name
- Ameriprise India Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All High Courts, Delhi High Court
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Brief of the case:
In the case of Ameriprise India Pvt. Ltd. Vs. ACIT Delhi Bench of ITAT held that the AO was not justified in considering forex loss as non-operating cost as against the assessee’s claim of operating cost. ITAT further held that the amount of foreign exchange gain/loss arising out of revenue transactions is required to be considered as an item of operating revenue/cost, both of the assessee as well as comparables. Apart from this ITAT also give its finding on the inclusion/exclusion of certain companies in/from the list of comparables.
Facts of the case:
Assessee is a whol...
