Not allowing the claim for deduction of loss on account of ...

Income Tax

April 12, 2018

Not allowing the claim for deduction of loss on account of foreign exchange fluctuation as on the last date of the previous year - addition on the ground that the loss in question was only contingent and hence cannot be allowed - The forward contracts are in respect of consideration for exports proceeds, which are revenue items. There is an actual contract for sale of merchandise - claim of loss allowed - AT

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Not allowing the claim for deduction of loss on account of ...

Income Tax

April 12, 2018

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