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2017 (7) TMI 1194 - HC - Income TaxUnexplained foreign exchange forward contract - Tribunal 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 - Held that:- The Tribunal while deciding the Appeal has relied 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 to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered on the last date of account year and it is deductible under Section 37(1) of the Act - No error has been committed by the Tribunal
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