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2008 (9) TMI 3 - SC - Income TaxForeign exchange losses on account of foreign currency translation - whether translation losses are illusory or real losses – however Interest costs incurred by the assessee on loans is not allowable under PSC (Production Sharing Contract), but "Cash Call" is not a loan - Cash Call is a investment/contribution made into the Account of the Operator by each co-venturer – so loss arising on account of foreign currency translation is allowable as deduction – held that impugned loss are real loss
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