| |
| The Tax Publishers2020 TaxPub(DT) 4984 (Del-Trib) : (2020) 083 ITR (Trib) 0457 INCOME TAX ACT, 1961
Section 37(1) read with Section 28
Foreign exchange fluctuation loss arising on account of the revaluation of business advances on the close of the year by the assessee was allowable as deduction in the hands of the assessee.
|
Business expenditure - Allowability - Foreign exchange fluctuation loss arising on account of revaluation of business advances on close of the year -
Assessee company claimed deduction on account of foreign fluctuation loss, which was disallowed by AO on allegation that said loss being notional in nature could not be allowed. Held: Foreign exchange fluctuation loss arising on account of the revaluation of business advances on close of the year by the assessee was allowable as deduction in the hands of the assessee.
Followed:Oil & Natural Gas Corporation Ltd. v. CIT (2010) 322 ITR 180 (SC) : 2010 TaxPub(DT) 1672 (SC) CIT v. Woodward Governor India P. Ltd. (2009) 312 ITR 254 (SC) : 2009 TaxPub(DT) 1628 (SC) CIT v. Taiko Chander Nagar Chemicals P. Ltd. (2009) 311 ITR 475 (Del) : 2009 TaxPub(DT) 0192 (Del-HC) ACIT v. Spice Retail Ltd. [ITA No. 330/Del/2017, dt. 28-8-2019].
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2014-15
 SUBSCRIBE FOR FULL CONTENT
|