Unrealized foreign exchange gain on reinstating ECBs for domestic capital assets is taxable under Section 43AA.
Unrealized foreign exchange gain on reinstating ECBs for domestic capital assets is taxable under Section 43AA. Issue Whether unrealized foreign exchange gain arising on the year-end reinstatement of foreign-currency External Commercial Borrowings (ECBs) used to purchase capital assets in India falls under Section 43A or is taxable under Section 43AA. Facts ECB Utilization: The assessee-company… Read More »