{"id":45779,"date":"2024-09-07T20:54:59","date_gmt":"2024-09-07T15:24:59","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-emmsons-international-ltd-2024460-itr-718-297-taxman-4-sc-editorial-pcit-v-emmsons-international-ltd-2024460-itr-715-158-taxmann-com-10-delhihc\/"},"modified":"2024-09-07T20:54:59","modified_gmt":"2024-09-07T15:24:59","slug":"pcit-v-emmsons-international-ltd-2024460-itr-718-297-taxman-4-sc-editorial-pcit-v-emmsons-international-ltd-2024460-itr-715-158-taxmann-com-10-delhihc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-emmsons-international-ltd-2024460-itr-718-297-taxman-4-sc-editorial-pcit-v-emmsons-international-ltd-2024460-itr-715-158-taxmann-com-10-delhihc\/","title":{"rendered":"PCIT v.Emmsons International Ltd. (2024)460 ITR 718\/ 297 Taxman 4 (SC) Editorial : PCIT v Emmsons International Ltd. (2024)460 ITR 715 \/158 taxmann.com 10 (Delhi)(HC)"},"content":{"rendered":"<p>Held that the forward contracts entered into by the assessee were not by way of trading per se in foreign exchange derivatives but derivative contracts to hedge its exchange risk in respect of export proceeds receivable by it in foreign exchange, and consequently, the Central Board of Direct Taxes Circular No. 3 of 2010 dated March 23, 2010 had no application. On a petition for special leave to appeal to the Supreme Court\u00a0 dismissed (AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1): Business expenditure-Loss on account of  fluctuation in rate of  foreign exchange-Derivative contracts-Hedge against exchange risk in respect of  export proceeds receivable in foreign exchange-Loss is allowable-Special leave petition dismissed.[S. 28(i) Art. 136] <\/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-45779","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bUn","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45779","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=45779"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45779\/revisions"}],"predecessor-version":[{"id":45780,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45779\/revisions\/45780"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}