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2014 (4) TMI 1230 - ANDHRA PRADESH HIGH COURTLoss/expenditure claimed by assessee on account of fluctuation in the rate of foreign exchange i.e., Market to Market (MTM) loss - whether cannot be considered to be notional as per the CBDT instruction No.3 of 2010, when the said amount was rightly disallowed by the Assessing Officer in terms of proviso ‘D’ of Section 43(5)? - Held that:- Tribunals consistently held that the loss/expenditure claimed by the assessee on account of fluctuation in the rate of foreign exchange couldn’t be considered to be notional by following the instruction No.3 of 2010 of CBDT. Therefore, we do not find any element of law to be decided in this appeal. Accordingly, we dismiss the appeal. Miscellaneous petitions pending, if any, shall also stand closed.
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