Since section 43A is applicable for a foreign currency liability in respect of an asset acquired from a country outside India, then how the exchange difference is recognised in case of a foreign currency liability for purchase of an asset in India.

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..... ncy liability for purchase of an asset in India.
ICDS VI : Effects of Changes in Foreign Exchange Rates Income computation and disclosure standards
Income Tax
Manuals
Dated:- 30-8-2017
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..... I. Hence, in case of monetary items the gain/loss would be recognised in profit and loss account and in case of non-monetary items, the gain/loss would be neither taxable nor deductible.
TMI Short .....

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