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Treaty between India and Singapore – Indian decision on gains on cancellation of foreign exchange forward contract

|Approved Changes|India; Singapore
India; Singapore

The Income Tax Appellate Tribunal (ITAT) delivered a decision dated 27 July 2012 in the case of Credit Suisse (Singapore) Ltd (ITA No. 8716/Mum/2010) and held that gains earned on cancellation of foreign exchange forward contract are not taxable in India.


(a) Facts. The Taxpayer (i.e. Credit Suisse (Singapore) Ltd) was a company incorporated in and a tax resident of Singapore. It …

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