2017 (7) TMI 1095

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..... ORDER DATED : 24th July 2017. P.C. 1 The Appeal pertains to the Assessment year 2009­10. Mr.Kotangale, the learned counsel submits that the Tribunal was not justified in allowing the claim of the Assessee on unexplained foreign exchange forward contract as such loss was only notional loss. According to the learned counsel, the Tribunal was not justified in holding that the notional loss on .....

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..... as on the date of the balance­sheet was allowable and the Assessee was entitled for the adjustment of actual cost of imported assets. The loss due to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered on the last date of accounting year and it is deductible under Section 37(1) of the Act. 5 Considering the above, no error has been committed by th .....

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