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Principal Commissioner of Income Tax - 8 Versus Samwon Precision Mould Mfg. India Pvt. Ltd.

Treatment in the books of accounts of the assessee with respect to losses on account of foreign exchange fluctuation - Held that - The CIT(A) followed the judgment of the Kerala High Court in CIT Vs. International Creative Foods (P) Ltd., (2010 (10) TMI 862 - Kerala High Court) and noticed that the accounting standard AS11 was followed in this case. ITAT also upheld the deletion of disallowance. The Court has considered the submissions of the parties. ITAT accurately observed that in the past ye....... + More



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