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2013 (2) TMI 233 - HC - Income TaxForeign exchange loss on account of restatement of CDC loan - whether be treated as a revenue loss? - actual arisen v/s notional - Assessee is a financial company - Held that:- As decided CIT v. Woodward Governor India (P.) Ltd [2009 (4) TMI 4 - SUPREME COURT] that while even a notional loss can be claimed by way of a business loss deductible item in computing the income of the assessee for the year, made dependent on the manner of conduct of the assessee in respect of the earlier assessment period and particularly as to the assessee has been following this uniformly over a period of years and the test being when there was a notional gain as to whether it had been offered for tax etc. Such claim will have to be examined in the light of the fulfillment of the conditions as indicated by in the case supra for which purpose, the matter may have to go before the assessing officer, who has to apply this test to the claim made by the assessee and then either admit the claim or reject it.
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