{"id":14974,"date":"2021-01-22T11:50:18","date_gmt":"2021-01-22T11:50:18","guid":{"rendered":"https:\/\/itatonline.org\/digest\/shin-etsu-polymers-india-p-ltd-v-dy-cit-2020-83-itr-64-sn-chennaitrib\/"},"modified":"2021-01-22T11:50:18","modified_gmt":"2021-01-22T11:50:18","slug":"shin-etsu-polymers-india-p-ltd-v-dy-cit-2020-83-itr-64-sn-chennaitrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/shin-etsu-polymers-india-p-ltd-v-dy-cit-2020-83-itr-64-sn-chennaitrib\/","title":{"rendered":"Shin-Etsu Polymers India P. Ltd. v. Dy. CIT (2020) 83 ITR 64 (SN) (Chennai)(Trib.)"},"content":{"rendered":"<p>Tribunal held that regarding the allowability of foreign exchange loss arising on conversion of outstanding balance in foreign exchange at the end of the year into Indian currency on account of outstanding unsecured loans,\u00a0 it is not clear whether the loans were raised towards acquisition of capital assets or for working capital requirements, nor whether the assets acquired were within India or in other countries;\u00a0 as section\u00a043A\u00a0of the Act starts with the non-obstante clause and is mandatory in nature, foreign exchange loss has to be treated thereunder provided the conditions given in the section are met. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 43A : Rate of exchange-Foreign currency-Loss on conversion of  outstanding foreign exchange currency into Indian rupees at  end of  year on  account of  outstanding unsecured loans-Matter remanded to Assessing Officer to  examine facts  whether loss was on capital account or  revenue account. [S. 254(1)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14974","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Tw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14974"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14974\/revisions"}],"predecessor-version":[{"id":14975,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14974\/revisions\/14975"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}