2017 (7) TMI 1194

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..... elied on the Judgment of the Apex Court in case of The Commissioner of Income Tax v. Woodward Governor India (P.) Ltd. [2009 (4) TMI 4 - SUPREME COURT] as observed that the loss claimed by the Assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet was allowance and the Assessee was entitled adjustment of actual cost of imported assets. The loss due t .....

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..... ibunal was not justified in holding that the notional loss on unexplained foreign exchange forward contract was in the nature of stock in trade capable of being valued at cost or market price. It ought to have been considered that the trading in foreign currency was not a main business of the Assessee. According to the learned counsel, notional loss arising in foreign exchange forward contract at .....

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