TMI Blog2017 (7) TMI 1095X X X X Extracts X X X X X X X X Extracts X X X X ..... the loss claimed by the Assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet 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 und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t ought to have been considered that the trading in foreign currency was not a main business of the Assessee. According to the learned counsel, notional loss arising in foreign exchange forward contract at the end of financial year was not allowable under the Income Tax Act. 2 The learned counsel for the Respondent supports the Order. 3 The Tribunal while deciding the Appeal has relied on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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