16 September 2010
Is reporting under Form 3CEB is necessary if the company has taken loan from AE in earlier years and in previous year (for which T.P. Audit is being carried out), only Foreign ex. fluctuation gain / loss is provided on the loan amt.? There is no repayment or new acceptance of loan during the year.
17 September 2010
No - in that case, reporting won't be necessary in Form 3CEB since no transaction has taken place between the Assessee and its AEs - Forex fluctuation gain/loss arises only due to accounting differences, and not due to occurence of any transaction between parties.
However, you may need to report interest payment (if any) in Form 3CEB for that year.
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