The new Assessee stretched a personal interest free loan out-of USD dos,00,000 (INR 90,31,758/-) so you’re able to their cousin into the Singapore according to the Liberalized Remittance Scheme (“LRS”) of your RBI into the when the exchange rate try INR . age. to the 24th , the fresh exchange rate are Rs. and this, if loan amount out of USD 2,00,100000 are paid back, the relative actually reduced INR step one,twelve,thirty-five,326/-. The new Assessee paid the new impugned income tax out of Rs.22,02,286/- because the a point of numerous alerting versus conceding into taxability thereof. This new CIT(A) kept the transaction out of AO and you may addressed the bonus otherwise gain due to exchange rate fluctuation while the interest income of the Assessee which had been entirely a unique cause versus that implemented from the AO.

S. 2(24(vi) lies off one to “earnings, includes one investment gains rechargeable around section forty five”. Continue reading “During repayment out of loan we”