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2010 (9) TMI 851 - HC - Income TaxLoss accrued on account of fluctuation in the rate of foreign exchange – Held that:- The loss claimed by the assessee on account of fluctuation in the rate of foreign exchange as on the date of balance sheet is allowable as expenditure under Section 37(1) of the Income Tax Act. See CALCUTTA CO. LTD. vs CIT [1959 (5) TMI 3 - SUPREME Court] & BHARAT EARTH MOVERS LTD., vs CIT 2000 (8) TMI 4 - SUPREME Court. In favour of assessee.
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