2017 (7) TMI 1194

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..... gh, Advocate ORDER P.C. 1 The Appeal pertains to the Assessment year 2008-09. 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 unexplained for .....

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..... balancesheet was allowance and the Assessee was entitled 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 account year and it is deductible under Section 37(1) of the Act. 5 Considering the above, no error has been committed by the Tribunal in applying the Judgment o .....

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