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2011 (3) TMI 553 - HC - Income TaxDisallowance of notional loss on account of fluctuation in the Foreign Exchange rate - The first and foremost requirement is that he must be adopting mercantile system of accounting. Secondly, the said loss should have been claimed not only in the year in dispute, but a continuous course of conduct to show that, that is the way the said claim is reflected in the accounts. Thirdly, it should be bona fide one - Held that: all the above conditions are satisfied in the present case - Decided in the favour of assessee
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