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2007 (3) TMI 204 - HC - Income TaxForeign exchange loss suffered by assessee on its borrowings because of fluctuation in foreign exchange rates, so he increased liability on revaluation of such loan – deduction is not allowed to assessee for such loss because this is not a contingent notional liability – tribunal is not justified in taking such loss on accrual basis for the purposes of determining written down value of assets - assessee is not entitled to adjust the actual cost of assets by such losses arising on notional basis
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