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2016 (5) TMI 616 - AT - Income TaxAddition made on account of foreign exchange loss - Held that:- No reason to interfere with the impugned order passed by the CIT(A) as he has rightly held that loss on account of fluctuation in foreign exchange rate on account of advances received from customers on account of sale realization is related to the revenue account only. The transactions made by the assessee in foreign currency have been accounted for in accordance with AS-11 issued by ICAI and therefore the loss on account of foreign exchange fluctuations is relatable to revenue account only. In this view of the matter, we find no reason to interfere in the orders passed by the CIT(A) and therefore dismiss these grounds of appeal raised by revenue. See Woodword India Pvt. Ltd. [2009 (4) TMI 4 - SUPREME COURT ] - Decided in favour of assessee
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