Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (7) TMI 1095 - HC - Income TaxAllowable busniss deduction - notional loss on unexplained foreign exchange forward contract - Held that:- Apex Court in case of The Commissioner of Income Tax v. Woodward Governor India (P.) Ltd. reported in (2009 (4) TMI 4 - SUPREME COURT). The Apex Court has 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 allowable and the Assessee was entitled for the adjustment of actual cost of imported assets. The loss due to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered on the last date of accounting year and it is deductible under Section 37(1) of the Act.
|