Case Number: ITA 2182/DEL/2022
Appellant: Deputy Commissioner of Income Tax, Central Circle-01, New Delhi
Respondent: Spicejet Limited, Gurgaon
Assessment Year: 2017-18
Date Filed: September 6, 2022
Order Type: Final Tribunal Order
Date of Order and Pronouncement: August 23, 2023
The case between DCIT and Spicejet Limited involved issues related to the denial of forex unrealized losses and the taxation of forex gains due to foreign exchange fluctuations. This complex legal matter was carefully analyzed, taking into consideration previous Tribunal decisions and pertinent tax laws. The case outcome hinged on intricate financial nuances and legal interpretations, ultimately favoring the taxpayer, Spicejet Limited, leading to significant implications for the treatment of forex fluctuations under tax law.
DCIT vs. Spicejet Limited: Forex Fluctuation Dispute for AY 2017-18
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