TMI BlogDisallowance of foreign exchange loss on account of marking to mark to market of forward contracts -...Disallowance of foreign exchange loss on account of marking to mark to market of forward contracts - "expenditure" as used in section 37 in Income Tax Act may in the circumstances of a particular case cover an amount which is a "loss" even though said amount has not been given from the pocket of the assessee. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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