Case Number: ITA 2183/DEL/2022
Appellant: Deputy Commissioner of Income Tax, Central Circle-1, New Delhi
Respondent: Spicejet Limited, Gurgaon
Assessment Year: 2018-19
Date Filed: September 6, 2022
Order Type: Final Tribunal Order
Date of Order and Pronouncement: August 23, 2023
The legal battle between DCIT and Spicejet Limited regarding the assessment year 2018-19 focused on the intricacies of forex unrealized losses and their tax treatment. The case delved into the complexities of accounting for foreign exchange fluctuations, examining the corporate practices and the associated legal ramifications. This analysis highlights the arguments from both sides, the judicial rationale behind the decisions made, and the ultimate outcomes affecting the fiscal responsibilities of large corporations in relation to forex adjustments.
DCIT vs. Spicejet Limited: Forex Fluctuation Dispute for AY 2018-19
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