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Presently working as Asst Marketing Manager with nitika Pharmaceutical Specialties Pvt Ltd, Nagpur from 1st Aug2009 on wards. Employment Details : 1) Worked in samarth life sciences Pvt Ltd, Nagpur as Area sales Manager from Nov 0709. Executing pre and post marketing activities for successful launch of new products. The amount by which the liability of the assessee in terms of Indian Rupees is increased or decreased as a result of change in the rate of exchange of the currency, would be added to or as the case. Payment for import of asset is made during the previous year. .
For any query contact Bank's Official Toll Free. It was, to use the words of Ramaswami., "blocked and sterilised from the period of the devaluation of the Indian rupee up to the time of its remittance to India". Therefore, even if this money was originally stock-in-trade, it "changed its character of stock-in-trade when it was blocked and sterilised and the increment in its value owing to the exchange fluctuation must be treated as a capital receipt". 173870/-, is revenue receipt or capital acquisition. There are no precise rules formulated to distinguish a loss on revenue count vis-?-vis a loss on capital count and there lies a thin line of demarcation between the two, but certain judicial pronouncements are worth noting in the present. The question arose whether this exchange profit was a trading profit or a capital profit.
Consequently, the amounts of depreciation allowable to assessee in respect of the asset would correspondingly be increased or reduced, as the case may. Backdrop, one of the most ask forex pvt ltd apprehensive subjects for India for last couple of years has been the dwindling rupee value which besides triggering inflation and broadening the current account deficit has also augmented certain tax related issues. Telco (Referred Supra) in that case, the assessee made purchase of plant and machinery in US for sum of USD 33850/. Handling the 4 Teritory manager, team. This is clearly borne out by the decided cases which we shall presently discuss. During the previous year ended 31st March, 2004 on account of fall in value of USD, a substantial amount of foreign exchange fluctuation gain has accrued to A Limited in respect of outstanding principal amount of foreign currency loans. 36 lacs in terms of Indian Rupee as per prevailing rate of exchange of 100 Pakistani rupees being equivalent to 144 Indian Rupees and therefore, the assessee suffered loss. The loan was used for acquisition of capital assets.
With an inspiring Mix Business more than. An effective communicator team leader combined with flexible detail oriented attitude with ability to interact effectively with people of diverse nationalities. The Supreme Court sent back the above matter to decide the case in accordance with the above direction and in the light of law laid down in the judgement since it was not noted by the lower court. As discussed above, the entire transaction is on capital account and therefore, A limited has not incurred any trading liability in any previous year. A dedicated professional with over 15 years of comprehensive experience in Sales Marketing, Business Development, Relationship Management, Product Promotions and People Management. Expertise in understanding of critical business drivers in multiple markets and industries building relationships with upperlevel decision makers and business partners. Customer Support Executives: Non-registered customers will be directed. This short write-up attempts to highlight that the determination of correct treatment of exchange fluctuation loss is extremely complex since the ratio of the decision in Tata Iron and Steel is apparently in contrast with the ratio of the. A Limited has in its books of account account reduce the gain from the WDV of the assets in accordance with Accounting Standard 11 Accounting for the Effects of Changes in Foreign Exchange Rates.
The provisions of section 28 (iv) are applicable in case the benefit arises on revenue account. Has been held by Honble Supreme Court in the case of CIT vs Tisco Ltd. Commissioning launching new Centers as per company standards, monitoring day to day operations and activities. Provides day-to-day service for your banking and account activities, requests. If payment is made before 180 days calculated from relevant previous year then full rate of normal depreciation is allowable. In the instant case loans have been borrowed by the company in cash in past. The Court of Appeal held that it was a capital profit not subject to income-tax and the argument, which found favor with it, may be stated in the words of Jenkins.J., who delivered the main judgment: "I. View More PoS Point of Sale Service Unified Payments Interface (UPI) is a system developed by npci in which we can link multiple bank accounts into. 2) natco Pharma Ltd, As Medical Representative from March 94 April. Finally concluded as under: The law may, therefore, now be taken to be well settled that where profit or loss arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it,. Apply now to avail a loan online within minutes and fulfill your dreams! 8 Ratio to identify as to whether a particular receipt is capital receipt or revenue receipt is laid down by Honble Supreme Court in the following cases.
Explanation.Where the assessee has entered into a contract with an authorised dealer as defined in section 2 of the Foreign ask forex pvt ltd Exchange Management Act, 1999 (42 of 1999 for providing him with a specified sum in a foreign. As a consequence of the insertion of the Section 43A, it has became possible to adjust the increase/decrease in liability relating to acquisition of capital assets on account of exchange rate fluctuation, in the actual cost of the assets acquired in foreign. In Pyridostigmine Tab achived higest sales in All India. There is no doubt that the amount of 36,123.02 was a revenue receipt in the assessee's business of commission agency. 2) Act, 1967 with effect from 1st April, 1967. Section 43A of the Act, was introduced by the legislature vide Finance (No. The court noted the observation in the case of Canara bank in the following words: Ramaswami., speaking on behalf of this court, pointed out that the amount.
The assessee remitted. Business Development : Initiating and developing relationships with key decision makers in target organizations for business development. Further in Sutlej Cotton Mills Ltd., (1979) 116 ITR 1 (SC) it was held by Supreme Court that, the law may, therefore, now be taken to be well settled that where the profit or loss arises to an assessee. See end note 9 in the context of ECB holding that if the foreign exchange fluctuation loss arises on restatement of ECBs utilized for acquiring capital asset indigenously in India, then such loss will be capital in nature. Handled Training Coaching of Sales Team /. Dedicated Team, a dedicated team of specialists create personalized strategies for all areas.
Many corporate taxpayers find it a safe proposition to capitalise the exchange loss and claim depreciation thereon rather than claiming it as revenue loss. . Role : Successfully launched the company in state of Chhattisgarh state functions including recruitment of Medical Representative, gearing sales through them. Further the benefit/gain arising on valuation of loan is also available to company in cash and therefore benefit if any arising upon is not regarded as benefit or perquisite within the meaning of section 28 (iv). In the case of Sutlej Cotton Mills Ltd., the facts of the case were as under: The assessee was a limited company having cotton mill situated in Pakistan where ask forex pvt ltd it made large profit from that unit. In the present case, A limited has borrowed Foreign Currency Loan / converted the existing Rupee Term Loan into Foreign Currency Loan.
Channel Management : Enabling business growth by developing and managing a network of distributors dealers across assigned territories. The line is capable of processing steel coils for supply of automotive body profiles, rectangular and trapezoidal sheets required for press shop operations. However, the said section is inapplicable in the context of indigenous assets as its language confines its applicability only to a case where an assessee has acquired any asset from a country outside India. On the other hand, a capital receipt is generally exempt from tax unless it is expressly taxable under section 45 Cadell Wvg. 571098/- and in the process, the assessee made profit. 60 ITR 405 iii) CIT. Package :.40 LPA Contack Details : Email : rajak_santosh2008. While revenue loss is allowable, the capital loss on the other hand cannot be allowed as a deduction while computing business income see end note. The gain arising to A limited on fluctuation in foreign currency was entirely forming part of its fixed capital assets and hence, is capital receipt. The Supreme Court noted English decision in the case of Davies. Except this do not call on any other number. 3.33 per dollar shot up.
As per section 43 (1) actual cost means actual cost of the assets to the assessee, reduced by that portion of the cost as has been met directly or indirectly by any other person or authority. Handling a team of 4 pharma distributors. Is riding high on customer satisfaction and trust. Latest news, loans Advances, gP parsik Bank offers you loans based on your requirements at attractive interest rates. Rs.5200 Crores, GP Parsik Sahakari Bank Ltd.
(1998) 231 ITR 285, wherein it is held that at the time of repayment of loan, there was a fluctuation in the rate of foreign exchange as a result of which, the assessee had to repay a much lesser. The test may also be formulated in another way by asking the question whether the loss was in respect of circulating capital or in respect of fixed capital The court also observed that: if the amount in foreign currency. Team Management : Managing the gamut of tasks including manpower planning, recruitment, induction and training of Sales Teams, both Inhouse and at Channel Partners end. At the time of remittance, the rate of exchange was changed to 100 Pakistani rupee being equivalent to 100 Indian Rupees and therefore the assessee received. Overseeing sales activities; forecasting monthly/quarterly sales targets. The company A Limited has availed foreign currency loan for acquisition of imported and indigenous fixed assets including machinery. It has also converted its existing Indian rupee loan, with the financial institution/bank utilised to purchase indigenous as well as imported machinery, into the foreign currency loan. Reference can be had to the provisions of section 43 (6) of the Income Tax Act, which defines the term written down value. The possible issues could be as under: a) Whether receipt is of capital nature or revenue nature b) If receipt is of capital nature, then whether the same can be taxed as such c) If it cannot. It enjoys a formidable presence in textile engineering sector with complete solutions for spinning, knitting, weaving, non-woven, processing and printing plants. Situation for depreciation being restricted to 50 per cent of the normal depreciation.