TMI BlogForeign exchange fluctuation - As we understand from the record, the gist of the method followed by the...Foreign exchange fluctuation - As we understand from the record, the gist of the method followed by the assessee is that, the assessee in Schedule IX claimed less deduction than claimable by adjusting the notional capital gain on Forex and corresponding deductions of the same amount while computing the net income of assessee for purpose of tax. In effect, both credit and debit are given and the tax liability is not materially impacted. Anyway, when the actual event has taken place, tax is stated..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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