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2007 (10) TMI 282 - DELHI HIGH COURTForeign exchange – business loss - assessee used to receive advances from the foreign buyers in foreign exchange to be adjusted against the supplies to be made and that the assessee was maintaining some sort of a running account - As a result of the fluctuation in the rate of foreign exchange (US dollars), as on March 31, 2001, there was an increase in the liability of the assessee – held that assessee rightly treated this as a business loss
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