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Informative

Disallowance of ₹5.11 Crore Forex Loss on ECB Settlement: ITAT Restores Matter to AO

Update / Judgement Date

12 Mar 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

FEMA & FCRAIncome TaxOther Legal Matters

The ITAT has restored the matter of a ₹5.11 crore forex loss on ECB settlement to the Assessing Officer. The tribunal emphasized the need for a thorough examination of the transaction. This decision ensures fairness and protects the rights of assessees. The ruling clarifies the process for assessing forex losses.